Details of the proposed merger between Flextech and Telewest have been revealed after the formal announcement of the deal was postponed yesterday (see Sharewatch). A legal hitch involving Microsoft, which agreed to buy a 29.9% stake in Telewest earlier this year and which is still awaiting regulatory clearance, is believed to have caused the delay.
Under the terms of the proposal, Telewest’s shareholders would own 80% of the new group while Flextech shareholders would own 20%. Telewest will offer 3.78 of its own shares for each Flextech share. Adam Singer, CEO of Flextech is believed to retain his position in the new company, with Telewest’s CEO Tony Ilsley given the position of managing director.
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