Oct 9, 2020

Why talk of a TalkTalk trade buyer was all talk

Toscafund's latest approach is not its first: it offered to buy out TalkTalk at 135p last year but was rejected. Although 97p a share is a hefty-sounding 26 per cent premium to the average price in the past six months, it is half the level of 2017, when TalkTalk was still recovering from the effects of a damaging cyber attack. There is no sign of a trade buyer preparing a TalkTalk counter bid in the wings. Another company said there was little point considering a rival offer because TalkTalk going private would do nothing to change the structure of the market. TalkTalk may go private having failed to attract a trade buyer as a listed business, but it could still play a role in future consolidation as UK telecoms groups plot the best way to stay in the black.

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