thegrimreaper will sit upon his hands

It could go either way, this was the text from an Observer article previously posted by Ockham:

"The way I see it, there are two options: C&W could use its money to acquire UK competitors in a bid to become the biggest alternative carrier to BT. The market is crying out for consolidation.

Or it could sell out to a big European competitor. Chief executive Francesco Caio worked in the Italian telecoms industry and he retains strong personal links with many senior executives. A deal with Telecom Italia, which is yet to gain a foothold in a major north European market, is being talked about in London dealing rooms."