Go Back   Eurocardsharing > General Discussions > General Satellite News > Latest Satellite News

Latest Satellite News Discussion, New Tiscali sale to BSkyB over? at General Satellite News forum; Tiscali sale to BSkyB over? One month ago the sale of broadband supplier Tiscalis UK assets seemed a certainty, and ...

LinkBack Thread Tools Display Modes
New Tiscali sale to BSkyB over?
Bacteria's Avatar
Posts: 96,016

Level: 124 [♥ Bé-Yêu ♥♥ Bé-Yêu ♥♥ Bé-Yêu ♥♥ Bé-Yêu ♥♥ Bé-Yêu ♥]
Life: 4638 / 4638
Magic: 32005 / 90568
Experience: 68%

Thanks: 1,107
Thanked 5,577 Times in 1,419 Posts
Join Date: Oct 2006
Age: 35
New Tiscali sale to BSkyB over? - 09-March-2009, 14:00

Tiscali sale to BSkyB over?

One month ago the sale of broadband supplier Tiscalis UK assets seemed a certainty, and expected to take place by about now. But the further erosion of Sterlings value against the Euro has placed the deal in jeopardy. Tiscali boss Mario Rosso now seems to be saying the deal is almost impossible to pull off.

A year ago Tiscalis UK assets were worth around 600m. Carphone Warehouse made a bid of 450m for Tiscalis British assets, a price which now seems extremely generous. The BSkyB bid is reportedly to have been less than 450m. Tiscali, as well as being a poorly regarded broadband supplier, is perhaps better known as the owner of the Video Networks/Home Choice service, which has struggled since inception.

However, Tiscalis share price has tumbled 83% over the past year and trading in its shares was suspended Friday Mar 6. A Board statement from Tiscali said: "Given the time frame of the negotiations with BSkyB for the disposal of certain UK assets of the Tiscali Group, which have not resulted in an agreement to date, due to the worsening of the market environment in which the potential buyer also operates, the Board of Directors has acknowledged that it is de facto impossible to proceed with the above mentioned negotiations."

Tiscali has also asked its bankers to suspend its interest payments due this week, and will be placing what it describes as a new plan to its Board on March 27. Long term debt stands at 500m, and it has payments to meet this week (on March 11 and 13 for a total of 11m).
Reply With Quote


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Forum Jump

ECS on RSS ECS on Twitter ECS on Facebook ECS on Youtube
Follow us on:

Powered by vBulletin
Copyright 2002 - 2010, Jelsoft Enterprises Ltd.
SEO by vBSEO ©2011, Crawlability, Inc.