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UPDATE: THUS (Demon Internet) to Accept Cable & Wireless Bid

Posted: 30th Jun, 2008 By: MarkJ
UPDATE: C&W has now acquired 29.9% of shares in THUS for £329m (180p per share), and offered to buy out the rest of the company at the same price. Some shareholders are still holding out for a better offer.

Reports indicate that THUS Group, the Glasgow-based telecoms firm behind UK ISP Demon Internet, will agree a bid worth up to 180p per share (approximate value: £330m) by Cable & Wireless (C&W) before 5pm today. The news follows THUS Group's earlier rejection of a preliminary offer worth 165p (original news), which was deemed to have undervalued the company.

It would certainly be an interesting move for C&W, which practically vacated the retail Internet provision market in 2006 when its Bulldog broadband customer base was sold on to Tiscali. THUS currently employs over 1,700 staff and recently posted its first operating profits for the year ending 31st March 2008.

However, the majority of our readers will no doubt be more interested in how Tiscali's sale is progressing. The ISP had promised to reach an agreement by the end of June and today is their last chance to do so without bagging a heap of criticism. It remains to be seen whether Vodafone has pulled out completely or merely reduced its original offer.
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