Feeds

C&W closes in on Thus acquisition

Shareholders asked for thumbs-up

High performance access to file storage

Cable and Wireless has increased its offer for smaller rival telco Thus Group, as it bids to gain weight for its battles against BT for big business contracts.

C&W's surprise first 165p per share offer for Glasgow-based Thus was rejected by its board early in June.

Today's improved 180p per share bid values Thus at about £330m. Its directors have agreed to put the offer to shareholders this time, but have stopped short of recommending they accept it, saying: "The offer is not such a compelling proposal that the Thus board could give a recommendation to Thus shareholders to accept the offer at this time."

C&W boss Richard Lapthorne said in a statement: "Today's offer represents a generous premium of 64 per cent to Thus' share price before our approach and, we believe, is an attractive proposal for Thus shareholders which unlocks significant value."

Ahead of the shareolders' vote, C&W has gone ahead buying up Thus shares in the open market, and said this morning that it already owns 29.9 per cent of its target. ®

High performance access to file storage

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
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
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
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
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.
HP ArcSight ESM solution helps Finansbank
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.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.