Vodafone planning formal takeover bid for Tiscali
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According to reports from the Italian press, Vodafone is due to make a formal offer for the Italian broadband outfit.
A successful bid would be a good acquisition for the company, and make Vodafone one of the largest players in the fixed-line broadband services market, allowing it to compete with the likes of BT, Carphone Warehouse, Virgin Media and BSkyB.
There are thought to be at least 5 other companies shortlisted for the auction to buy Tiscali, including BT Group, BSkyB, Fastweb SpA and Wind. Carphone Warehouse was not shortlisted as its offer of £550 Million was rejected. Analysts expect Tiscali to go for a price tag of around £1.3bn for the entire company, including UK and Italian operations.
Tiscali is currently the fourth largest broadband provider in the UK with around 1.2 million customers.
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