C&W’s Thus offer becomes unconditional

2 Oct 2008

Reuters is reporting that British telecoms group Cable & Wireless (C&W) has made its GBP329 million (USD585 million) offer for Scottish fixed line and broadband provider Thus unconditional. C&W announced that by 29 September it had received acceptances for approximately 55.3% of Thus shares which, combined with its existing stake of 29.9%, brings its total holding to 85.2%; most institutional investors are understood to have accepted the offer, but a number of passive funds, which as a matter of policy do not accept offers until they are unconditional in all respects, are said to be still outstanding. C&W expects to pass 90% ownership once these funds accept the deal. C&W stated it will consolidate the results of Thus from 1 October, and it expected the Scottish operator’s listing to be cancelled by 30 October. The Glasgow-based group will be known as ‘Thus, a Cable & Wireless Business,’ following the purchase.

United Kingdom, Cable & Wireless (UK), Thus