C&W takeover looming
CABLE & WIRELESS Communication Plc (C&W Communications), the parent company of Flow in Barbados could soon find itself the subject of a takeover.
Just last year, C&W Communications, headquartered in Britain and listed on the London Stock Exchange, paid US$1.85 billion for Columbus Communications, the operators Flow.
However, yesterday the company which has operated in Barbados for more than 100 years, confirmed speculation that it was in talks with Virgin Media owner Liberty Global.
Liberty Global is owned by American billionaire John Malone, who already has a major foothold in Latin America and the Caribbean’s telecommunications market, through investments he already had in Columbus Communications.
It was reported in the British media last night that Malone’s company Liberty Global was seeking to make a cash and shares offer to C&W’s shareholders.
C&W is the biggest shareholder in Cable & Wireless Barbados, which is listed on the Barbados Stock Exchange where it last traded at $3 per share.
For its part, C&W Communications told its shareholders to “take no action”.