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TalkTalk Telecom Takeover By Toscafund, Penta To Complete Next Month

Fri, 05th Feb 2021 08:35

(Alliance News) - TalkTalk Telecom Group PLC's GBP1.11 billion takeover by Tosca Iom Ltd could be sealed by mid-March, the FTSE 250-listed telecommunications firm said on Friday.

TalkTalk agreed to the deal back in December. Tosca IOM is a new takeover vehicle formed by asset manager Toscafund Asset Management LLP and Penta Capital LLP. Toscafund holds roughly a 29% stake in TalkTalk.

Court and general meetings to approve the bid are penned for March 1. Should the takeover approach be backed, TalkTalk expects its shares to be suspended on March 12 and then cancelled the subsequent Monday.

The acquisition is conditional on gaining at least 75% in shareholder approval at both the scheme meeting and court meeting, as well as being sanctioned by the court.

Under the acquisition's terms, Tosca IOM will acquire TalkTalk Telecom for 97 pence per share.

TalkTalk shares were 0.1% lower at 96.95p each in London on Friday morning.

By Eric Cunha; ericcunha@alliancenews.com

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TALK.L Share News (TALK)

TalkTalk Telecom Takeover By Toscafund, Penta To Complete Next Month

UPDATE 2-UK's Johnson drops corporate tax cuts to fund spending as election nears

UK PM Johnson says postponing further cuts in corporation tax

Danger on both left and right, warns UK business group CBI

EXPLAINER-What's behind Labour's plan to overhaul BT and the British broadband network?

UK Liberal Democrats say they could back minority government on 'issue-by-issue' basis

LONDON MARKET MIDDAY: Labour's Nationalisation Threat Sends BT Lower

Labour plans tax on global firms' profits based on UK presence

UK WINNERS & LOSERS SUMMARY: FirstGroup Climbs On Regulator Optimism

UPDATE 2-European shares clock sixth weekly gain on trade cheer

UPDATE 1-European shares set for sixth week of gains on bullish trade talk

UK PM Johnson says Labour's plan to part-nationalise BT is "crackpot"

UPDATE 2-Politics drives domestic shares higher; FTSE cheers trade signs

TalkTalk Swings Back Interim Profit; Unchanged Full-Year Outlook

LONDON MARKET OPEN: Miners Climb But BT Dips On Nationalisation Threat

Labour's McDonnell says broadband plan is the limit of nationalisation plans

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