Feb 6, 2003 : C&W Chairman Refused 2.4bn Offer

📅 February 6, 2003 - According to reports released this week, new Cable & Wireless chairman Richard Lapthorne refused a takeover offer made last month by Pacific Century Cyberworks that would have valued the company at about £2.4 billion.

In early January, PCCW sent a letter to C&W's board announcing its interest in discussing a cash takeover of the company, and offering to pay a substantial premium. Lapthorne, who was appointed the company's chairman on January 10, told PCCW he was not interested.
The offer was reportedly rejected before PCCW had a chance to convey that it expected to pay at least 100p per share, or about £2.4 billion, in cash. C&W shares were trading at 46p at the time, and closed Wednesday at 57.75p.
PCCW , the dominant telecoms operator in Hong Kong, is said to still be interested in discussing a deal, but is not expected to make a hostile move, as it would want a chance to assess the company's books before seeking financing. At least three banks are said to have agreed to finance the deal, pending access to C&W's books.
PCCW issued a statement on Thursday saying it had not made a formal takeover bid, and is not in any negotiations with C&W with regard to any possible transaction.

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