Bernstein Believes Kabel Deutschland Counterbid from Liberty Global Might Not Succeed

An analyst from Bernstein issued a note Monday morning suggesting a counter offer from Liberty Global

for Kabel Deutschland is unlikely given conflicts related to the matching rights granted to Vodafone

. The Bernstein analyst called expectations out of Vodafone for €3 billion in cost synergies and €1.5 billion from sales synergies too optimistic. The analyst sees the deal as dilutive to holders. A possible acquisition of Kabel would make the sale of Vodafone's stake in Verizon less likely amid prospects for improvement in Europe, according to the Bernstein analyst.