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Demon Internet board advises shareholders to accept takeover
Tuesday 2nd September 2008, by Daniel King
The board of THUS Group (Demon Internet) has issued a recommendation to its shareholders to accept the recent takeover offer from Cable & Wireless (C&W).
Those with shares have been offered 180p for each share, which correlates to a £329 million bid for the firm.
A closing date of September 9th has been set by C&W and the board has warned that it intends to accept "in respect of its own beneficial holdings".
Previously, Demon Internet had knocked back a move to takeover by C&W, hoping that by doing so the company could remain an independent body or increase the price.
However, this has become an unlikely scenario in light of revelations by C&W that it controls 78.5 per cent of the operator's stocks.
Demon currently offers users consumer broadband at £17.99 a month, which includes free set-up and a router. It also has fixed costs so that there are no "surprise bills" or variations in the level of payment.
