Vodafone Group Plc won backing from a German court for the price it paid for Kabel Deutschland Holding AG, dealing a blow to activist investor Elliott Management Corp’s attempt to win a bigger payout.
The 84.53 euros ($93) a share — plus an annual top up — Vodafone paid to Kabel Deutschland’s shareholders as part of the 2013 acquisition is “adequate,” a court in Munich said.
Elliott, run by billionaire Paul Singer, has tried to get a higher offer from Vodafone, which agreed to buy Kabel Deutschland six years ago.
Elliott refused to tender its 13.5% stake, and asked a Munich court to order new audits of the deal in 2015. A year later, a Munich court granted Elliott’s request to review the actions of Kabel Deutschland’s board.