THUS, the Glasgow-based telecoms, data and internet firm, will not make a £1.5 billion bid for Cable & Wireless (C&W), but could play a key role in any break-up of the troubled communications giant. A source close to one of Thus’s private equity supporters said the firm would be interested in acquiring C&W’s former Mercury phone network in the UK and that Thus was well placed to play a leading role in the “inevitable consolidation” in its sector.
Thus’s chief executive Bill Allan and some of his executive team used to hold senior jobs at C&W. Some analysts have even speculated that C&W could be persuaded to make an offer for Thus and then put the Glasgow firm’s management team in charge of any merged company.
A private equity source said: “Is Thus going to make a £1.5 billion bid to take over Cable & Wireless as some have suggested? No. Is everyone looking at the possibilities after the imminent implosion of Cable & Wireless? Absolutely.”
A Thus source confirmed last month the firm would consider merging or delisting with the help of private equity funds if its beleaguered share price did not recover.
Executive directors will be forced to invite non-executive boardroom colleagues to attend meetings with leading shareholders under plans being agreed by the government and City of London investors.
Amid concerns about the decline of companies such as C&W and Marconi, the most senior non-executive director of every public company will have to participate in all meetings called by shareholders to complain about performance.
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