Competition for Gamma Communications remains active after the British telecom company, Giacom, agreed earlier this month to a 1,120 pence-a-share offer from private equity firm, Epiris.
Waterland says it is no longer acting in concert with UK-based Giacom over a possible bid, while still considering its interest in Gamma without certainty of a firm offer.
According to Reuters, the Dutch private equity firm, Waterland, on Friday said it was no longer in concert with Giacom in relation to a possible offer for Gamma Communications. The change follows Gamma’s August statement that Giacom was acting with Waterland on a potential transaction in which Giacom would buy certain Gamma business units.
Waterland says it continues to consider its interest in Gamma, but that there could be no certainty that a firm offer would emerge.
Gamma earlier this month reached an agreement for an offer from Epiris valued at 1,120 pence per share, capping months of takeover discussions around the company. Gamma shares are down 2.8 percent at 1,141 pence at 1443 GMT, indicating the market is weighing the latest takeover developments against the agreed Epiris bid.
The Sunday Times reported on Monday that Waterland could still make an offer for Gamma that could exceed Epiris’ 1.08 billion pound bid.
Gamma has attracted interest from several private equity firms this year, including Oakley Capital and Providence Equity Partners, both of which withdrew their bids in June. Giacom could not be reached immediately for comment.
An earlier report on S&P 500 futures highlighted a shift in trading interest away from broad index contracts toward sector-specific futures, alongside a rebound that remained technically fragile. It was observed that the index was still facing key resistance levels and showed oversold signals, suggesting near-term consolidation until a clearer breakout or breakdown emerges.
