Telecom firm Daisy takes aim at rival Alternative Networks
Daisy – one of the UK’s telecoms challenger firms – is expected to make a play for its listed rival Alternative Networks this week.
The bid, which could come as soon as tomorrow morning, is thought to be pitched at about 335p a share, just under 20 per cent up from Alternative Network’s Friday closing share price.
The offer would value Alternative Networks at around £180m, it was first reported by Sky News.
Alternative Networks’ shares are down almost 50 per cent from their early-2014 highs as it battles with price competition from its larger rivals across Europe.
The now private Lancashire-based Daisy – run by entrepreneur Matthew Riley – is understood to be keen to expand its presence in the managed services segment of the telecoms and IT industries.
Just weeks ago Daisy raised hundreds of millions of pounds from a bond issue in part to help fund acquisitions.
Alternative Networks is listed on the London junior market, Aim, and counts Investec Asset Management and Polaris among its shareholders.