Vodaphone poised to take over Hawthorn
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.VODAPHONE, the mobile telephone company controlled by British Telecom, is poised to launch a rescue takeover bid for its rival, Hawthorn Leslie Group, writes Neil Thapar.
The two sides have been in talks for months and are understood to be close to reaching terms at below Hawthorn's current market price of 2.5p, valuing it at about pounds 4m. The shares hit a peak of 73.5p in 1989.
The company has been struggling with debts of more than pounds 25m, most of which are owed to Svenska Handelsbanken of Sweden, but Vodaphone is expected to clear these.
Last month Hawthorn announced that it was in discussions with a mystery suitor that may lead to an offer.
Hawthorn, which provides a mobile telephone service to about 40,000 subscribers, ran into severe financial problems because of a hectic acquisition strategy masterminded by Remo Dipre, who owns 70 per cent of the group.
Mr Dipre was forced by the company's bankers to step down as chairman in July 1991. Last autumn the company reported a turnaround from a pounds 9m loss to a pounds 434,000 taxable profit for the half year to 30 June.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments