Liberty Global (NASDAQ:LBTYA) (-13%) also underperformed in the quarter despite the announcement of a deal to sell its German cable assets at an attractive multiple. Investors seemed disappointed the transaction announcement didn’t include a commitment for how management will use the proceeds, and they showed some concern over the outcome of what is sure to be a lengthy regulatory review. We understand management’s desire to maintain flexibility, given an expected deal close in mid-2019, and trust they will allocate the proceeds in a manner that creates value for all shareholders.
From Wallace Weitz (Trades, Portfolio)'s second quarter 2018 Partners III Fund shareholder letter.
