Sunrise proposes Mike Fries as Chairman of the Board of Directors
Sunrise, the telecommunications company set to be acquired by UPC’s parent company, Liberty Global, has called an extraordinary general meeting for November 9. At this meeting, Liberty representatives are expected to take the reins on the board of directors. Liberty CEO Mike Fries has been nominated as the new chairman of the board.
The motion is to elect Mike Fries, Baptiest Coopmans, Miranda Curtis, Manuel Kohnstamm, Andrea Salvato, Marisa Drew, Thomas Meyer and Joseph Deiss as new members of the board of directors, according to a release Monday.
Miranda Curtis, Manuel Kohnstamm and Andrea Salvato are also proposed as members of the Nomination and Compensation Committee. Miranda Curtis is also to become Chair of the Nomination and Compensation Committee.
The election is, however, subject to the completion of the public takeover offer, the statement continues.
Due to the Corona crisis, the Extraordinary General Meeting would take place without the physical presence of the shareholders.
UPC owner Liberty Global had submitted the purchase offer for Sunrise in August (Werbewoche.ch reported). The American-British cable network giant is digging deep into its pockets: Sunrise shareholders are being offered 110 francs per share, a total of 5 billion francs in cash. This values Switzerland's second-largest telecommunications group at 6.8 billion francs, including debt.
Liberty holds 81.98 percent of the shares after expiry of the offer. The additional acceptance period began on Thursday. (SDA)
