The Carphone Warehouse Bids £150m Less For Tiscali

The Carphone Warehouse has bid £150 million less than expected for Tiscali, valuing the broadband company at under £450 million.

Tiscali had been expecting closer to £600 million when it put itself up for sale in May this year.

JP Morgan and Banca IMI are still handling negotiations on Tiscali’s behalf, months after the company’s end of June deadline expired.

BT, Vodafone and BSkyB have all failed to make offers for the company over the last few months, despite their initial interest.

Tiscali has reportedly lost 37,000 customers and seen its share price fall by 46% in that time.

Although The Carphone Warehouse has offered less than anticipated, if it succeeds in closing a deal with Tiscali it will jump ahead of BT to become the top supplier in the UK.

The Carphone Warehouse www.carphonewarehouse.com Tiscali: www.tiscali.co.uk