Feeds

Energis rubbishes Thus bid

Clock ticking

Eight steps to building an HP BladeSystem

Telco Energis has ripped apart the takeover offer made by its smaller rival Thus, as it continues to recommend its shareholders accept the “fully-committed offer” from Cable & Wireless due to lapse this evening.

C&W and Energis spent the weekend thrashing out details of a potential deal – the C&W offer is due to expire at 5pm today. C&W is involved in a game of brinksmanship with some hold-out Energis shareholders who want the telco to stump up more cash.

Thus announced earlier today that it had made an offer worth around £800m to Chelys, Energis’ parent, at the end of July but was rebuffed. This announcement is seen as an effort by Thus to persuade Energis shareholders to allow the current C&W deal to lapse, giving Thus time to firm up its bid.

Chelys’ board, in a statement, took the Thus bid apart, saying it amounted to a “reverse takeover of Thus by Chelys” and explaining that it had rejected it “for reasons of value, uncertainty and deliverability.”

Thus’ offer did not offer the same potential value or upfront cash, said Chelys’s board. In addition, Thus would need new banking arrangements and “very substantial equity raising”.

And in comparison with the quick timetable offered by C&W, Chelys said the Thus offer would result in “protracted processes…which could be expected to last for many months.”®

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.