BT bids for PlusNet
Print storyConsolidation a-go-go
Posted in Financial News, 16th November 2006 09:41 GMT
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BT has offered £67m to buy internet service provider PlusNet.
The offer values PlusNet shares at 210 pence each - they've been trading recently at about 200 pence. The shares have had a rollercoaster year - they've been as low as 100 pence and as high as 400 pence.
BT said it was buying the company because "broadband is increasingly becoming more than just fast internet access and PlusNet has a strong reputation for both customer service and innovation".
PlusNet hit the headlines this summer for network outages and for accidentally deleting customer emails.
PlusNet CEO Lee Strafford said: "BT recognises the importance of retaining PlusNet's identity and culture and I believe this will give rise to exciting opportunities for PlusNet, our customers and our employees."
The company has almost 200,000 broadband customers and some narrowband punters too. PlusNet will keep its brand, its CEO, Strafford, and its Sheffield headquarters.
For the year to 30 June 2006 the ISP turned over £41m and made net income of £3.9m.
Directors unanimously recommend the offer and have provided irrevocable undertakings to accept it.
BT's statement is here. ®
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