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COMCAST CORPORATION

(CMCSA)
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TalkTalk shares jump on buyout offer from investor Toscafund

10/08/2020 | 05:41am EDT
A woman speaks on her phone as she passes a branded logo outside the Talktalk headquarters in London

(Reuters) - Britain's TalkTalk said it has received a preliminary takeover offer from its third-largest investor, Toscafund Asset Management, to take the broadband operator private in a deal that values it at 1.12 billion pounds.

The company's shares jumped 16.4% to the proposed offer price of 97 pence per share by 0908 GMT, making it the top performer of London's midcap index and indicating the market's approval of the premium offered by the asset manager.

TalkTalk said on Thursday that while its board would discuss the proposal with its advisers, its chairman and second-biggest shareholder, Charles Dunstone, had to offer his support for the deal for Toscafund to make any firm bid.

Dunstone owns a 29.86% stake in TalkTalk, while Toscafund holds 29.09%, according to Refinitiv Eikon data.

TalkTalk did not give any more details about the offer or its plans, but said an offer period has now commenced.

The telecom sector in Britain and Europe has seen several deals in recent years amid in
tensifying competition, including one between Virgin Media and O2 in May. (https://reut.rs/36Gw2Lu)

Though TalkTalk focuses more on the lower cost segment in Britain compared with players such as BT and Sky, its sales also suffered during the coronavirus lockdown.

"Having been building in stake in TalkTalk in recent years Toscafund may have not unreasonably decided it could do a better job of managing the assets itself out of the glare of public markets," AJ Bell investment director Russ Mould said.

In July, Sky News reported that TalkTalk had rejected a 135 pence per share offer from the asset manager last year, which would have valued it at 1.5 billion pounds.

TalkTalk went public in 2010 after a separation from former parent Carphone Warehouse.

Barclays Bank and Deutsche Bank are acting as advisers for TalkTalk.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Arun Koyyur and Tomasz Janowski)

By Pushkala Aripaka


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC 0.10% 403.6 Delayed Quote.-6.90%
BARCLAYS PLC 1.45% 182.7 Delayed Quote.24.56%
BT GROUP PLC 0.19% 154.7 Delayed Quote.16.98%
COMCAST CORPORATION 0.49% 57.28 Delayed Quote.8.78%
DEUTSCHE BANK AG 0.73% 11.09 Delayed Quote.23.92%
TALK TALK TELECOM 0.00% 96.9 Delayed Quote.-1.12%
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Analyst Recommendations on COMCAST CORPORATION
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Financials (USD)
Sales 2021 115 B - -
Net income 2021 13 349 M - -
Net Debt 2021 88 521 M - -
P/E ratio 2021 20,0x
Yield 2021 1,73%
Capitalization 263 B 263 B -
EV / Sales 2021 3,05x
EV / Sales 2022 2,82x
Nbr of Employees 168 000
Free-Float 83,2%
Chart COMCAST CORPORATION
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Comcast Corporation Technical Analysis Chart | CMCSA | US20030N1019 | MarketScreener
Technical analysis trends COMCAST CORPORATION
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 34
Last Close Price 57,28 $
Average target price 66,54 $
Spread / Average Target 16,2%
EPS Revisions
Managers and Directors
Brian L. Roberts Chairman, President & Chief Executive Officer
Michael J. Cavanagh Chief Financial Officer
Jeff Votaw Vice President-Engineering
Candy Lawson Chief Compliance Officer & Senior Vice President
Karen Dougherty Buchholz Executive Vice President-Administration
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