Vodafone bows out of Tiscali auction
Thursday 19 June 2008
It has been announced that
Vodafone has pulled out of the running in the bid to acquire
Tiscali. Reports suggest that Tiscali has received at least one offer for acquisition this week. This is thought to be from one of the four companies still showing interest in the auction including; British Sky Broadcasting (
Sky), Carphone Warehouse, Italy-based Wind and Swisscom.
None of the companies in the running (including Tiscali) have been willing to comment on the proceedings. However, it was suggested that Vodafone bowed out of the auction due to a disagreement over Tiscali's valuation. However, Vodafone may be willing to submit another offer in the future, but only if they did not reach any agreement with the other interested companies.
At the close of day, Tiscali's shares were down more than 7 per cent at €2.25 while Vodafone's closed down more than 1 per cent at 151.1p.
Source:
FT.com
