Following the news last week that Greek tycoon Vangelis Marinakis has dropped his bid to acquire a majority stake in broadband and pay-TV operator Forthnet, the telco now says that it has received a new proposal from London-based Duet Private Equity. Kathimerini reports that the takeover offer from Duet is priced slightly above that which was made by Marinakis’ Alter Ego media group. It is thought to provide for the purchase of Forthnet’s total debt of approximately EUR310 million (USD344 million), including a convertible bond that enables the buyer to control up to 40% of equity in the event of exercise.
Forthnet is currently controlled by a group of four banks – Piraeus, National, Alpha and Attica – which together hold around 35% of its shares. Other investors include rival Greek telcos Wind Hellas and Vodafone.