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C&W faces take over by European giant

Cable and Wireless Communications (CWC) is at the center of a takeover bid almost one year after it successfully closed a $1.85 billion deal to take over Columbus International, which trades here as Flow.

The telecommunications giant today confirmed that it was in talks with Liberty Global PLC, a European-based international cable company that operates in 14 countries.

The two companies issued separate statements confirming that they were in discussion about the offer by Liberty Global to acquire C&W for cash and shares.

In its statement, Cable & Wireless however asked its shareholders not to take any action.

john-malone“There can be no certainty that any firm offer will be made nor as to the terms on which any firm offer might be made,” it warned.

For its part Liberty Global said,  “this announcement does not amount to an announcement of a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers (the “Code”). There can be no certainty that any offer will be made or on the terms on which any offer might be made. A further announcement will be made as appropriate”.

According to analysts, the deal would value Cable & Wireless at more than $US5 billion and could be settled by November.

Liberty Global is owned by billionaire John Malone who already has a 13 per cent stake in C&W.

He landed the shares after C&W bought out Columbus International in November last year.

Local C&W officials would offer no comment, saying the matter would have to addressed from the company’s Miami office.

6 Responses to C&W faces take over by European giant

  1. Trina Lowe
    Trina Lowe October 23, 2015 at 5:05 am


  2. dwayne jordan October 23, 2015 at 9:04 am

    John Malone
    One particular instance of Malone’s savvy was understanding that the cable-TV business was what is now called a “content business” long before most people had any idea that such a thing existed. He was also good at engineering complex financial transactions in the field of telecommunications. Entering a business deal with Malone is like playing chess with a grand master — not only are you going to lose, but it’s going to take years for you to figure out just how early and thoroughly you were outmaneuvered. Malone has crossed fountain pens with the greatest media titans of the telecommunications age — Ted Turner, Rupert Murdoch, Barry Diller — and often walked away richer.

    • Sue Donym October 23, 2015 at 12:03 pm

      @dwayne jordan. Enjoyed this comment. Turn of phrase, imagery and fact neatly combined made me smile

  3. dwayne jordan October 23, 2015 at 9:09 am

    Forgot to post link

  4. jrsmith October 23, 2015 at 11:36 am

    Bajans are now feeling and seeing on our shores, the manifest of,political corporate corruption , in the highest order amongst the world cartels. this is not an overnight thing ,all of this was in the planning. ask the politicians. bet you no one comes forward to explain to us bajans.

  5. Sue Donym October 23, 2015 at 11:59 am

    Could it be that the attempted take over of two telecommunications companies would have been seen as anticompetitive and overly aggressive, whereas the take over of a single entity is just being pretty astute?

    Is it at all possible that people were right in thinking that the LIME/FLOW alliance was more an illicit mating than a case of strange bedfellows?

    So should the Caribbean expect some high stakes drama?Interesting times ahead.


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