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Liberty, CWC in acquisition talks

Published:Friday | October 23, 2015 | 10:00 AM

Cable & Wireless Communica-tions (C&W) Plc confirmed Thursday that it is in talks with cable company Liberty Global regarding a possible shares and cash takeover offer for CWC.

Liberty Global is headed by media entrepreneur John Malone. He was a significant shareholder in Columbus International, which in November 2014 inked a deal to sell its regional Flow and Columbus operations to CWC for US$3 billion, including debt.

"CWC is in discussions with Liberty Global Plc regarding a possible shares-and-cash offer for CWC. Shareholders are advised to take no action. 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," CWC said in its release.

Liberty has until 5 p.m. November 19 to state a firm intention to make the takeover bid, both companies have said.

The Wall Street Journal is speculating that the deal could be worth more than US$5 billion.

Liberty responded to CWC's release to confirm that it is in discussions with the board of CWC to acquire 100 per cent of CWC.

Liberty also cautioned that: "There can be no certainty that any offer will be made or on the terms on which any offer might be made".

business@gleanerjm.com