Cable & Wireless expected to boost Thus bid today
Reports suggest Cable & Wireless will increase its offer for Demon Internet-owner Thus today.
Thus, the broadband and telecoms supplier which owns Demon Internet, is likely to receive another takeover offer from Cable & Wireless today.
The company was earlier offered 1.65 a share by Cable & Wireless, but the bid was rejected on the grounds that it undervalued the worth of the Scottish telecoms company.
Reports in The Guardian suggest that a higher bid of 1.80 is expected to be announced later today, although this may still not be enough to succeed as Thus claims that 2.52 per share is a fairer valuation.
Cable & Wireless chairman Richard Lapthorne has said in a previous letter to Thus that he hoped for a bid "within the narrow price band which our respective shareholders would understand and consider sensible," causing speculation as to whether a higher offer would emerge.
Thus was floated on the London Stock Exchange in 1999 after being spun out of Scottish Power in 1994. However, the company has made no profit since, and shareholders have been paid no dividends, despite the company being briefly listed on the FTSE 100.
Thus attempted to sell the Demon Internet ISP in 2006, but no buyer was found.
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