Carphone Warehouse due to make bid for Tiscali UK
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According to a local Italian newspaper, Broadband ISP Tiscali is expecting a binding offer from Carphone for its British assets by the end of April.
Tiscali went into the red as debts piled up, and trading of its shares were suspended last month. It also bought an end to discussions about a potential bid from BSkyB. Tiscali has since been negotiating with banks for a restructuring of its debt.
Its share price rose today following the rumours of a concrete bid from Carphone Warehouse, first reported in the daily Italian newspaper MF.
There were recent suggestions that BSkyB may once again be interested in Tiscali, but that now looks to have fizzled.
Tiscali is currently the UK’s fifth-largest broadband provider with around 1.8 million customers.
Carphone Warehouse is currently the UK’s third-largest provider through its TalkTalk division. The company recently announced plans to demerge the two into separately listed companies in its recent Q4 trading update.
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