Kabel Deutschland shareholders fear falling shy of Vodafone goal Shareholders in Kabel Deutschland fear Vodafone's bid for the German cable company could fall apart as approval for the deal risks failing to meet the required minimum level of acceptances. The UK-based mobile operator agreed a €7.7bn takeover of Kabel Deutschland in June this year as part of its broader strategy to become a combined TV, internet and telecoms group based on fixed line as well as mobile networks. In order for this acquisition to proceed, however, 75 per cent of Kabel Deutschland shareholders must tender their shares by this Wednesday in the first part of a two-stage tender process. Some of Kabel Deutschland's shareholders believe that the amount of tenders offered will fall well short of this goal. The shareholders say that Vodafone still has time to reduce the requirement ahead of the Wednesday deadline but that failure to do so could derail the deal. Citing eight major deals in Germany since 2007, including Daimler and Rolls-Royce's takeover of German diesel engine maker Tognum in 2011, one major shareholder in Kabel Deutschland said that the total number of shares tendered in this first crucial phase, including those owned by the bidder, has averaged just 68.5 per cent. Another shareholder has also expressed fears that tenders will fail to reach the required minimum which, at 75 per cent, it says has been set higher than for similar recent deals. Of particular concern to these shareholders are the large number of index-tracking investors in Kabel Deutschland - accounting for almost 10 per cent of the cable operator's shareholder base. Shareholders in KDG say that tracker funds are unlikely to tender their shares in the first wave, preferring to wait until the second tender deadline, thereby giving their investors exposure to Kabel Deutschland for as long as possible. If Vodafone fails to secure the necessary support from Kabel Deutschland shareholders it can be prevented from relaunching a further takeover offer for 12 months although it can seek a waiver from BaFin, Germany's market regulator, shareholders said. A failure by Vodafone to acquire Kabel Deutschland could make the UK-based mobile operator more vulnerable to a predatory bid from US telecoms operator AT&T, which is understood to be interested in Vodafone's wireless operations in Europe but not its cable assets. In a statement, Vodafone said: "There'll be no change to the conditions set out in our earlier announcement." This announcement, published in July, set out all the terms for the tender offer including the 75 per cent hurdle for this Wednesday.