C & W moves in on Demon

September 3, 2008

Cable and Wireless have moved one step closer to taking over the company that used to be called Scottish Telecom, but has since changed names to Thus, who are the owners of Demon Internet.

The board of Thus would seem to be recommending the company’s shareholders to accept the Cable and Wireless offer of £1.80 per share.

Their original offer was at £1.65 in June, but since that was rejected they either had to increase the offer or walk away from the deal despite already owning nearly eighty per cent of the company.

In reality the board of Thus had no choice in the matter; in fact it is the board that are the minority shareholders in Thus, especially as the intention of Cable and Wirelesses is to delist the Thus shares.


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