Feeds

Energis rubbishes Thus bid

Clock ticking

Intelligent flash storage arrays

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.”®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.