Patrick Drahi, founder of French telecom group Altice
Miguel Medina | AFP | Getty Images
Telecoms and cable group Altice Europe said on Friday its founder Patrick Drahi has offered to buy back the telecom and cable group and take it private.
Altice Europe said the board fully supports and recommends the offer.
"The board believes that the transaction is in the best interests of Altice Europe," the company said.
Drahi, who owns 39.85% of Altice Europe, offered to buy all the company's shares for 4.11 euros each in cash, representing a premium of 23.8% over their closing price on Sept. 10, the group said in a statement.
Europe Altice shares were up 24% at 0700 GMT.