NTL bids pounds 81m for Workplace

NTL, the Nasdaq-listed company poised to become Britain's biggest cable player, yesterday unveiled an pounds 81m bid for network services group Workplace Technologies. NTL is offering 228p a share cash for each Workplace share, a 57 per cent premium to the closing price the day before bid talks began. NTL, which is also offering a loan note alternative, said it was funding the bid through existing cash resources.

NTL said Workplace would improve its coverage and penetration of business customers in Britain and exploit a booming market for data, Internet and video services.