Altice Europe’s investors backed founder Patrick Drahi’s bid to acquire the remainder of the company and take it private at an EGM arranged to discuss the move.

Drahi’s bid gained the backing of the company’s board in September 2020 with an offer subsequently made to shareholders. But, following criticism from some investors and a threat of legal action, the offer was raised from €4.11 per share to €5.35 per share.

Following the improved offer, which the company noted was more than 60 per cent higher than the share price at the close of trade the day before the original bid, litigation against the move was dropped.

In a stock market release Altice Europe said stakeholders at the meeting accepted all resolutions covering the offer, delisting and asset sale.

The transaction is scheduled to close during the current quarter.

Altice Europe owns a range of fixed, mobile, broadcast and content providers across France, Portugal, Israel and the Dominican Republic. The vast majority of its revenue is generated in the French market where it owns SFR, which GSMA Intelligence figures show was the country’s second-largest mobile provider by connections by end-Q4.