Wednesday 13 August 2014

Daisy Group

Will the uber-acquisitive Liberty Global/Virgin Media step in with a £500 million plus counter offer for telecoms and IT company Daisy Group?

Mark Kleinman over at Sky News revealed back in March that US cable giant Liberty Global, controlled by media tycoon Jon Malone, held takeover talks with Daisy Group but the negotiations ultimately broke down. Here is a link to Kleinman's article: http://news.sky.com/story/1225606/liberty-global-aims-to-bloom-with-500m-daisy

Today Daisy Group said it has received a takeover approach from two of its largest shareholders: chief executive Matthew Riley and Toscafund, the hedge fund group run by Martin Hughes. Here is a link to today's announcement: http://www.investegate.co.uk/daisy-group-plc--day-/rns/announcement-regarding-preliminary-approach/201408130700109681O/

Matt Riley and Toscafund's approach is pitched at 190p a share but back in March it was never clear what price Liberty Global, which owns Virgin Media, was willing to pay for Daisy Group.

I guess today's move by Riley, one of the UK's most prominent entrepreneurs, is one way to find out how serious Liberty Global, which recently bought a stake in ITV, was about buying the business he founded.

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