Carphone Warehouse confirms £550m offer for Tiscali

The Carphone Warehouse has confirmed that it has put in an offer of £550 million in order to own the British broadband assets of the Italian broadband operator Tiscali. Founder of Carphone Warehouse, Charles Dunstone has also confirmed that a £1.1bn deal has been struck with American electronics giants, Best Buy in order to redevelop its 2,400 stores in a joint venture in the US. Under the specified terms, Carphone Warehouse and Phone House will remain as high street stores and Dunstone will still retain his stake in the company, now standing at over 30 per cent. Under a long-term plan, the money generated from the sale to Best Buy will be used to buy out struggling rivals, Tiscali being the first. Whilst the Tiscali deal is by no means closed as number of other preliminary bids have been offered, the show of interest from Carphone Warehouse seems to be a bid with strong potential. It has been confirmed that a final decision will be made by Tiscali's chief executive Mario Rosso in a board meeting on the 12th May. Source: Mad.co.uk