BT strengthens bid defences with Robey Warshaw hire
Reuters
Published Oct 26, 2021 15:08
Updated Oct 26, 2021 15:40
LONDON (Reuters) -BT has hired boutique advisory group Robey Warshaw to strengthen its defences against a possible takeover bid, according to a person familiar with the situation, sending its shares up 6%.
The appointment was first reported by Sky News.
Patrick Drahi, a Franco-Israeli telecoms entrepreneur, surprised investors earlier this year when he announced that he controlled 12.1% of BT, making him the biggest shareholder.
Stock in Britain's biggest broadband and telecoms group hit an 18-month high in June, in the days after Drahi confirmed his stake purchase, but have since steadily declined to a low of 1.35 pounds, before the jump on Tuesday.
At the open on Tuesday it had a market valuation of 13.4 billion pounds ($18.4 billion). BT declined to comment.
($1 = 0.7272 pounds)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.