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(Alliance News) -Â Shares in BT Group PLC jumped on Tuesday after Sky News reported that it has hired advisory firm Robey Warshaw to help bolster its defences against a possible takeover bid.
Sky reported that Robey Warshaw was formally appointed in recent weeks to work alongside Goldman Sachs. The move comes shortly before a December 10 deadline that will release Altice - which took as 12% stake in BT in June - from a binding commitment not to launch a takeover bid.
Citing City sources, Sky said BT's board is involved in a range of scenario planning exercises including a formal takeover offer from Altice or demands to spin off its consumer division or Openreach.
https://news.sky.com/story/bt-bolsters-defence-against-potential-bid-from-tycoon-drahi-12445093
On June 10, Altice UK SARL, a new company wholly owned by billionaire Altice Europe NV founder Patrick Drahi, bought a 12% stake in BT. Drahi's company said it did not intend to make an offer for the whole company, a binding statement under UK takeover rules.
"BT has a significant opportunity to upgrade and extend its full-fibre broadband network to bring substantial benefits to millions of households across the UK. We fully support the management's strategy to deliver on this opportunity," Drahi said.
Shares in BT closed up 6.0% at 143.25 pence in London on Tuesday, the best performer in the FTSE 100.
By Lucy Heming;Â lucyheming@alliancenews.com
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