C&W launches offer for Keytech

C&W launches offer for Keytech

Cable & Wireless has revealed that it has offered to pay GBP113 million (USD206.8 million) for Bermudan telecommunications company KeyTech. The UK-based firm has been the primary provider of international telephony in Bermuda for over 115 years and is now seeking to enter the domestic market. KeyTech owns fixed line telco Bermuda Telephone Company and the second largest mobile operator by subscribers, M3 Wireless.

KeyTech says C&W bid is too low

KeyTech chairman Dr James King has declared that the success or failure of Cable & Wireless’ offer to acquire the company would come down solely to price, and that as things stand the offer of USD205 million does not represent fair value. ‘Having considered the inherent value of the group’s operations, its various assets and current stock position, your board is not recommending this price as being in your best interest,’ he told shareholders at the company’s AGM. KeyTech is the locally owned parent company of fixed line telco Bermuda Telephone Company and wireless operator M3 Wireless.

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