May 16, 2016
Carphone Warehouse has been disqualified from the primary phase of bidding for Tiscali following an offer of £550m for the UK assets that was discarded following a four hour board meeting.
Tiscali has a market worth of approximately £1.13 billion. Carphone last week sold a 50% stake in its high street stores to Best Buy to generate finances anticipated to be used for expansion both physically and through acquisition.
With Carphone Warehouse’s disqualification, prospective bidders left behind are considered to consist of Vodafone Group and BSkyB in the UK as well as Wind, the Italian mobile operator, and Swisscom, the owners of Italian broadband provider Fastweb.
Tiscali deem the procedure is going as intended and that they are in the throes of opening their books to six of the companies selected for the shortlist.
Mario Rosso, (CEO) Tiscali said that until now, the process has been going exactly as expected.
In the definition of the shortlist, they have not considered those who did not realise the industrial value of the group.
The sale is anticipated to be concluded next month.