September 30, 2019 / 5:05 AM / 5 months ago

Sunrise cuts rights issue to 2.8 bln Sfr in push to buy Liberty Global's UPC

ZURICH, Sept 30 (Reuters) - Sunrise Communications is cutting its proposed rights issue to 2.8 billion Swiss francs ($2.83 billion) from 4.1 billion francs to pay for its acquisition of Liberty Global's Swiss unit UPC as it seeks to convince shareholders to back the deal.

Sunrise announced the changes on Monday amid fierce opposition by Germany's Freenet, which owns about a quarter of the Swiss company and has sought to rally other foes ahead of a planned Oct. 23 extraordinary shareholders meeting.

"Today's enhancements to the initially proposed terms reflect the feedback from our shareholders," said Chief Executive Olaf Swantee in a statement. "We are now looking forward to moving swiftly towards completion of the transaction." ($1 = 0.9908 Swiss francs) (Reporting by John Miller Editing by Michelle Martin)

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