World News – UK – TalkTalk share price climbs 16% following buyout talks


Shares of telecommunications company TalkTalk jumped 16% after agreeing to consider a takeover bid from investment firm Toscafund which values ​​it at £ 1.1bn

TalkTalk said its board has « agreed to move the proposal forward » and will consult with advisers

But he added that to make a firm offer, Toscafund would have to gain the backing of TalkTalk chairman Charles Dunstone, who owns nearly 30% of the company.

Toscafund’s offer is worth 97 pence per share, far less than an offer of 135p per share it allegedly made last year

London-based Toscafund is led by founder Martin Hughes, considered one of the richest hedge fund managers in the UK

His reputation for tenacity in forcing companies to change has earned him the nickname « Rottweiler » in city circles

If its takeover is successful, it will increase its presence in one of the largest and most competitive telecommunications markets in Europe

The auction takes place against a backdrop of continued customer dissatisfaction with the level of service they receive from TalkTalk

Over the past four years, the company is the broadband provider with the most complaints, as recorded by the regulator Ofcom

The clash also sees heated exchanges between fellow runners on the race, the Supreme Court and China

TalkTalk Group, Toscafund Asset Management, Takeover, Charles Dunstone

World news – UK – TalkTalk share price climbs 16% following buyout negotiations


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