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Ono To Proceed With $9.5B IPO Despite Vodafone Buyout Bid

Law360, New York (February 12, 2014, 5:57 PM EST) -- Private equity-backed cable provider Grupo Corporativo Ono SA said Wednesday that its board approved plans for a long-anticipated initial public offering, expected to raise about €7 billion ($9.5 billion), snuffing out market chatter over a prospective buyout bid from Vodafone Group PLC.

Spain's Ono confirmed that its board met Tuesday to discuss the company's vision, including a review of its strategy and financial results. At the meeting, the company said its board signed off on IPO plans without considering any takeover offers.

Earlier this week, speculation...
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