UPDATE 1-Sunrise scraps meeting to approve rights issue for UPC takeover

21 Oct by Vitaliy Dadalyan

UPDATE 1-Sunrise scraps meeting to approve rights issue for UPC takeover

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UPDATE 1-Sunrise scraps meeting to approve rights issue for UPC takeoverSunrise Communications Group called off a shareholders meeting set for Wednesday to approve a rights issue needed to complete its 6.3 billion Swiss franc ($6.39 billion) acquisition of Liberty Global’s UPC business. Freenet, which is Sunrise’s biggest shareholder, and other investors had opposed the 2.8 billion franc rights issue, forcing Sunrise into the climbdown. It said it cancelled the extraordinary general meeting (EGM) with Liberty Global’s consent.