Solar Communications has fought hard to complete the Liberty Global Swiss network, and after having made the largest shareholder, it could offset the rights to finance $ 6.3bn.
The Swiss company with a market value of SFr3.3bn ($ 3.3bn) agreed to get its opponents this week and hopes that the third quarter has ended.
However, the financing mechanism of the agreement would be indispensable if Freenet cleared nearly a quarter of Sunrise shares, said it would not accept the SFr4.1bn rights issue to make an agreement payment.
Sunrise fell into a two-year decline after revealing an agreement to buy its rival. The stock market was 9 percent lower at SFr74.05. Liberty Global was a bit more open despite the uncertainty around New York's deal.
Ingo Arnold, the chief financial officer of Freenet, said he was not comfortable with the sale, but that he needed a large amount of revenue, but Liberty Global was not in danger of executing the deal.
"The combination of Sunrise and UPC makes sense in principle, given the credible industrial logic," he said. "However, the seller does not appear to have a sufficient portion of danger in the transaction structure announced.
"This structure also seems to be very prejudicial in the area of the highly preventive rights and in terms of the electoral situation," he added.
Sunrise replaces more than 50% of shares in shares to repay the rights issue.
Mr Arnold has said that Sunrise and Liberty Global support solidarity in Switzerland. "On the other hand, the fusion structure allows for a better risk distribution. In general, it would be happy to establish a structure that generates the greatest value for all parties. We are not ready to increase our investment," he said.
Liberty Global bought or merged last year with Sunrise, but has been chosen to sell its unit.
Freenet, a German company, bought a Sunrise group in 2016 but wanted to sell it last year. One person reportedly reported that Freenet accepts Swiss telecommunications market, but it could not be compatible with $ 1 million in support and maintain its stake.
Steve Malcolm, a Redburn analyst, said "Liberty shares a great deal of multi-stakeholder stockpile that sucks the Swiss company rapidly, but it's a hard-hitting deal for Sunrise's shareholders, which is why they're getting an increasingly growing organization. Very high price
"Achieving 50.1 percent shareholder assistance is unlikely to look like a 130 percent rise in the current market percentage," said Mr Malcolm.
The problem of rights is fully coordinated by banks, Deutsche Banks and UBS, and Morgan Stanley joint bookrunner. Credit Suisse, JPMorgan and LionTree advised Liberty Global.