KeyTech says C&W bid is too low

25 Jul 2006

KeyTech chairman Dr James King has declared that the success or failure of Cable & Wireless’ offer to acquire the company would come down solely to price, and that as things stand the offer of USD205 million does not represent fair value. ‘Having considered the inherent value of the group’s operations, its various assets and current stock position, your board is not recommending this price as being in your best interest,’ he told shareholders at the company’s AGM. KeyTech is the locally owned parent company of fixed line telco Bermuda Telephone Company and wireless operator M3 Wireless.