BT ramps up takeover defence with help from Goldman Sachs, Robey Warshaw - report
06 JAN 2019
BT Group [LON:BT.A] has been working with advisers from Goldman Sachs and Robey Warshaw to help fend off a possible takeover attempt by Deutsche Telekom [ETR:DTE], The Mail on Sunday reported. City sources cited in the report said BT started working with Goldman Sachs, Simon Warshaw and Simon Robey at the end of last year in the hope of bolstering its takeover defences.
A three-year standstill agreement which prevents Deutsche Telekom from increasing its stake in BT to more than 15% will expire on 29 January, which could leave the British telecoms company vulnerable to takeover, the report said. Deutsche Telekom is BT’s biggest shareholder, having built up a 12% stake by February 2015, the item noted.
BT declined to discuss any involvement with Goldman Sachs and Robey Warshaw, which is well known for advising on takeover defences against overseas buyers, the report said.
BT may also be sounding out the advisers regarding potential options for a break-up of the group prior to the installation of new Chief Executive Philip Jansen on 1 February, the report said.
Sources cited in the article said JPMorgan and Perella Weinberg Partners are also likely to have been approached by BT regarding defence strategies and strategic options as they previously advised the company on its acquisition of EE.
Link to original source