C&W expects Energis deal in the bag in time for tea

Cable & Wireless (C&W) is today expected to confirm its
takeover of UK IT services and telecoms solutions provider Energis,
after holding firm against a number of investors looking to push up its
GBP830 million offer. Citing sources close to the deal, the Financial
Times says C&W is ‘optimistic’ of having its bid accepted today
following its refusal to increase its offer ‘under any circumstances’.
C&W is widely regarded as the only bidder for the struggling
company. The bid will expire at 5pm UK time today unless 75% of Energis
investors accept.

I heard that C&W had submitted a bafo and told Energis they’d got till COB today to accept…we’ll see what happens by COB today shall we. I think it’s the smaller investors that are holding out for more money.

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