Feeds

Deadline set for C&W's Energis take-over

Agree by Monday or deal is off

Combat fraud and increase customer satisfaction

Cable & Wireless (C&W) has made a formal bid to buy-out alternative telco Energis, it confirmed today.

But the offer is only valid until close of business on Monday and needs the backing of a substantial majority of those banks that own Energis.

In a statement issued today C&W it "has made a proposal to acquire Energis [which] has been recommended unanimously by the board of Energis to Energis' stakeholders".

But in a clear sign that C&W will not be drawn into a lengthy round of negotiations it added: "The acquisition proposal will not be increased in value under any circumstances and will fall away if 75 per cent by value of the holders of Energis' debt have not signed the acceptance by 5.00pm on Monday 15 August 2005. If 75 per cent so accept by that date, then the proposal will become a binding legal contract."

The take-it-or-leave-it offer from C&W comes as The Times reportx today that Merrill Lynch and Morgan Stanley - which between them own 25 per cent of Energis debt - are refusing to back the £780m offer in an attempt to get C&W to up its offer. ®

3 Big data security analytics techniques

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.