BT shareholders expect boost in price of their stock after it was revealed that firm is preparing to defend itself against hostile bid
Shareholders in BT were expecting a boost in the price of their stock after it was revealed that the firm is preparing to defend itself against a hostile bid.
Britain’s biggest telecoms group is at risk of being taken over because its value has slumped to just above £10billion – the lowest since the depths of the financial crisis.
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Slump: Britain’s biggest telecoms group is at risk of being taken over because its value has slumped to just above £10billion
Bosses have hired Goldman Sachs to update its defence strategy against rivals or private equity, Sky News reported.
A move by a rival to take over the business, which is in charge of the £12billion drive to roll out superfast fibre broadband to 20m homes and will play a key role in building the UK’s 5G network, would require Government approval.
The belief that BT’s shares are under-valued is a boost to its private shareholders.
Analysts see Deutsche Telekom, which holds a 12 per cent stake, as a possible suitor, although it is understood that BT has not received any formal approaches. BT did not respond to a request for comment.