Telecable postpones deadline for binding offers to encourage bid from Euskaltel
Telecable owner Carlyle has postponed the deadline for binding offers to 24 July from (13 July), Expansion reported.
Carlyle seeks to give Euskaltel time to table a binding offer. Euskaltel was unable to carry out due diligence on Telecable as it was occupied with its own IPO, the unsourced Spanish-language paper noted.
Carlyle acquired Telecable in 2011 valuing 100% of the Spanish cable company at EUR 400m. Taking Euskatel's IPO pricing as a reference, Telecable would now be worth up to EUR 670m, Expansion said. Other estimates put Telecable's value at EUR 505m.
Suitors include Euskaltel, CVC - 70% owner of R Cable y Telecomunicaciones Galicia and the private equity firms BC Partners, Providence and Advent, the report added.
Link to original source.
Source Expansion