Feb, 2003 : PCCW Abandons Interest in Cable & Wireless

📅 February 10, 2003 - According to reports released Monday, Hong-Kong based telecommunications company PCCW says it will not make any further advances toward British carrier Cable & Wireless regarding a possible takeover bid.

Amid reports last week that the company had made a preliminary offer valuing Cable & Wireless at £2.4bn, PCCW said it had not made the offer, but had proposed discussing a bid to the company's board of directors.Cable & Wireless rejected PCCW's initial bid, but there was some speculation that the company would continue with a bid this week.
On Monday, however, PCCW issued a statement saying it would not make any further offer or approach to Cable & Wireless, largely because of the uncertainty that such an acquisition would involve.
Hong Kong Stock Exchange officials are reportedly investigating the company's previous statements to determine whether PCCW had violated rules on fully disclosing information that could affect its stock price.
PCCW's stock dropped considerably when the company bought the Hong Kong operation of Cable & Wireless several years ago.

Reads: 1989 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/cw021003.cfm
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