Thus Accepts C&W Offer — Grudgingly

Telecommunications firm Thus seemed set to agree to a 329 million takeover bid from rival Cable and Wireless (C&W) yesterday, even though its board told shareholders that it couldn't recommend the deal, according to the Telegraph. "The offer is not

By None

Telecommunications firm Thus seemed set to agree to a 329 million takeover bid from rival Cable and Wireless (C&W) yesterday, even though its board told shareholders that it couldn’t recommend the deal, according to the Telegraph.

“The offer is not such a compelling proposal that the Thus board could give a recommendation to Thus shareholders to accept,” the board told shareholders.

C&W bought about 30% of the company’s shares at 180p and offered to buy out remaining shareholders at the same price.

Thus shareholder Amber Capital sold its 10% Thus stake in Thus to C&W, Dutch investor Cyrte sold its 8.6% stake, UBS sold its 3.4% stake and Aberdeen Asset Management sold half of its 4% stake.

The full article is available at the Telegraph’s website at http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/07/01/cnthus101.xml

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