Ziggo rejects takeover offer

Netherlands’ largest cable operator Ziggo has rejected a takeover bid from John Malone's Liberty Global.

Ziggo, which reaches some 2.8 million homes and has a market value of around €6.3 billion, called the proposal "inadequate," according to Hollywood Reporter.

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Ziggo said in a statement that the offer was “considered inadequate and there is no certainty that Ziggo will receive any revised offer.”

The company did not disclose financial details of the bid, but it is estimated that a takeover would have cost Liberty at least €4.5 billion at current prices.

Liberty, which controls Dutch second largest operator UPC, owns a 28.5% stake in Ziggo.