C&W shareholders demand an explanation

7 Feb 2003

Leading Cable & Wireless shareholders have called upon the company’s board to explain why it refused a takeover offer from Hong Kong-based PCCW. A number of investors are keen to discover why an offer of GBP1 per share from Richard Li’s firm was refused before the pair entered negotiations. Others have backed the decision, however, saying that phantom bids are simply a ruse to gain access to a company’s books and often end up wasting a large amount of management time.