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Tiscali reject Carphone Warehouse bid
Tuesday 13 May 2008 11:42:26 by John Hunt

Carphone Warehouse has been excluded from the first stage of bidding for Tiscali after its offer of £550m for the UK assets was rejected following a four hour board meeting. Tiscali has a market value of around £1.13 billion. Carphone last week sold a 50% stake in its high street stores to Best Buy to raise funds expected to be used for growth both organically and via acquisition.

With Carphone Warehouse out of the running, potential bidders remaining are thought to include Vodafone Group and BSkyB in the UK as well as Wind, the Italian mobile operator, and Swisscom, the owners of Italian broadband provider Fastweb. Tiscali believe the process is going as planned and that they are in the process of opening their books to six of the companies who made it to the shortlist.

"Until now, the process has been going exactly as expected. In the definition of the shortlist, we have not considered those who did not realise the industrial value of the group."

Mario Rosso, (CEO) Tiscali

The sale is hoped to be finalised next month.

Comments

Posted by mr_chris over 7 years ago
Thank goodness... even Tiscali have obviously got the sense to know that selling to CPW would be a bad move. Wouldn't be too keen on BSkyB either, who may well have more than a passing interest in the Tiscali TV side of things.

Still can hardly believe Tiscali are for sale. Terrible that they are, I would never have guessed that they were for sale. Whoever buys them has their work cut out, especially in the customer service side of things!
Posted by chrysalis over 7 years ago
sky scares me as they may be eyeing the use of tiscalis llu platform which is aweful compared to easynets.
Posted by Pigmaster over 7 years ago
My offer of £1 has not been rejected yet or they could be ignoring my offer email ;-)
Posted by CARPETBURN over 7 years ago
If the fools think anyone is gonna pay 1 billion or more they are even more stupid than i first thought, personally i dont think the 550mil offer was bad but obviously they will hold out to see if anyone offers more. One thing is for certain whoever gets them has alot to put right, lets hope its a company that understands what service is, which does not include CPW.
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