Feeds

C&W closes in on Thus acquisition

Shareholders asked for thumbs-up

The Power of One Infographic

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. ®

Boost IT visibility and business value

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 ran off to IBM
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
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

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
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.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.