BRITISH TELECOM LAUNCHES A FRIENDLY BID FOR ESAT.
Position | Company Business and Marketing |
The British telecommunications group BT (British Telecommunications) announced, on January 11, the launch of a friendly bid for the Irish company Esat Telecom, valuing the company at USD2.461 billion. Esat's Board of Directors immediately announced that it was recommending acceptance of the BT offer, transmitted by BT Hawthorn Ltd, a subsidiary of the group. BT then indicated that it had secured control of 24.9% of Esat's capital through an agreement with Denis O'Brien, CEO of Esat, and with the American firm Fidelity Investments. BT expressed satisfaction at being able, by this move, to substantially improve its position in Ireland, a country where Esat is number two in stationary lines and in the mobile market (42% of market share with 550,000 subscribers as of end-December), first Internet provider for company...
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