Binan Investments B.V. made an offer to acquire the remaining 49.66% stake in Telenet Group Holding NV (ENXTBR:TNET) from a consortium of investors for approximately €2 billion on September 19, 2012. Under the terms of the offer, Binan Investments B.V. will offer €35 for each Telenet's shares outstanding and for each Telenet's warrant. The consortium of investors include Evercore Capital Partners, Norges Bank, AXA Group (ENXTPA:CS), BlackRock, Inc. (NYSE:BLK), European Capital Ltd., BNP Paribas Investment Partners, Omega Advisors, Inc. and others. The initial acceptance period will run from December 18, 2012 until and including January 11, 2013. Liberty Global will finance the offer by using available cash in an amount of €1.1 billion and incremental borrowings of €925 million facility agreement.

As of September 19, 2012, the Board of Directors of Liberty Global, parent entity of Binan Investments B.V. approved the transaction. The transaction is subject to approval of Belgian Financial Services and Markets Authority (FSMA) expected to be achieve on December 11, 2012, customary and normal conditions including, Liberty Global acquiring at least 95% of the outstanding Telenet shares, no material adverse change having occurred with respect to the financial situation or prospects of Telenet and in the financial markets in general. No further regulatory approvals are required. The Board of Liberty Global will review the offer. As of October 29, 2012, Liberty Global has decided to remove the 95% minimum acceptance condition of the intended offer. As of December 11, 2012, transaction was approved by Belgian Financial Services and Markets Authority (FSMA). As of December 20, 2012, Norges Bank disagreed to sell its 3.15% stake in Telenet Group Holding. The offer will possibly be followed by a delisting of Telenet and a squeeze-out offer.

Morgan Stanley & Co. Limited acted as financial advisor and Geert Verhoeven, Laurent Garzaniti, Axel Haelterman, Frederic Elens, Jan-Willem Geeroms, Satya Staes Polet and Robert Neyt of Freshfields Bruckhaus Deringer LLP acted as legal advisors to Liberty Global, parent of Binan Investments. UBS acted as financial advisor to Telenet. Lazard acted as fairness opinion provider to Telenet Group Holding. ING Belgium NV acted as agent in the transaction. KPMG Bedrijfsrevisoren acted as accountant for Telenet and KPMG LLP acted as accountant for Liberty Global, parent of Binan Investments. An advisory fee of €0.5 million was paid to Lazard.

Binan Investments B.V. completed the acquisition of additional 8.41% stake in Telenet Group Holding NV (ENXTBR:TNET) from a consortium of investors for approximately €330 million on January 11, 2013. Binan Investments B.V. acquired 9.5 million shares and 3,000 warrants were tendered into the voluntary and conditional cash offer launched by Binan Investments B.V. Following acceptance of the tendered shares, Liberty Global will hold 66.3 million shares and 3,000 warrants in Telenet which represent approximately 58.4% of the issued and outstanding shares of Telenet. Binan Investments B.V. announced that it will not extend the bid offer.