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Tiscali sale to BSkyB in doubt
Monday 9th March 2009, by Daniel King
The sale of broadband provider Tiscali's UK assets to BSkyB looks to be in doubt, despite suggestions last month that the deal could be tied up by the end of March.
Tiscali's share price has fallen by more than 80 per cent over the past 12 months amid shareholder concerns over its mounting long-term debts.
Having rejected a bid of around £450 million from the Carphone Warehouse during the early part of last year, Tiscali chief Mario Rosso claimed recently that a deal to sell its assets to BSkyB was likely to be concluded by the end of this month.
However, reports suggest the weakening of the pound against the euro, together with a further deterioration in market conditions, seems to have made the sale "almost impossible".
A statement by the Tiscali board read: "Due to the worsening of the market environment in which the potential buyer operates, the board of directors has acknowledged that it is de facto impossible to proceed with the negotiations."
While Tiscali continues to struggle, one of the UK's leading internet service provider's has achieved further success after topping the satisfaction tables among consumers.
Zen Internet received its seventh Best Buy award from consumer magazine Which? after being awarded five stars for its customer service and support.
The firm's managing director Richard Tang said: "Zen Internet's mission is to provide the best ISP service in the UK and this award demonstrates our commitment to delivering excellent service, quality and reliability to our customers."
