Biscit announces buy-out of V21
Biscit has this morning announced its acquisition of ISP V21.co.uk Ltd. which brings around 33,000 more customers to the company. There has been talk of a 'merger' for quite some time but at the end of September the plans seemed to be crumbling as Biscit reduced its offer following further due diligence checks into V21.
This new offer was rejected by the V21 board as "not in the best interests of its shareholders, customers or indeed staff" (from ISPreview), wording that suggested the merger was becoming more of a one-sided buy-out. The company has announced that V21's board of directors have now resigned and been replaced with the executive directors of Biscit. Also V21's auditors and legal advisors have also been replaced, an announcement of an unusual nature suggesting we may yet find out something interesting about what happened to cause V21 shareholders to accept the offer.