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Biscit Withdraws Its Offer to Acquire V21

Posted: 27th Sep, 2006 By: MarkJ
UPDATE: V21 has now issued its own statement - included at the bottom. In an unusual twist, UK ISP Biscit today announced hat it has withdrawn its offer to acquire the entire shareholding of Internet service provider V21.co.uk (V Two One):

A revised offer was made to V21 following receipt of the Financial Due Diligence Report on the affairs of V21 from Biscit's accountants. The offer has since expired.

If we’re reading that correctly and we probably haven't =), Biscit felt that V21 wasn't worth as much as they were asking and made a lower offer, which has been rejected.

4:38pm Update

In an effort to get its side of the story across, V21 has now issued its own small press release:

V21 Decline Biscit’s Ridiculous Claims

On 27th September V21.co.uk Ltd declined the offer from Biscit on the basis that it was not in the best interests of its shareholders, customers or indeed staff. The offer as published by Biscit’s own press office in August was to merge the two companies to make a better larger more profitable business.

Over the last few days it has become very apparent that this was not the case and the board of directors of V21.co.uk Ltd voted against any such action.

Judging by the title of v21's response we'd say that there is a fair bit of bad blood between the two ISP’s, although any specifics remain unclear and will probably remain so.
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