LONDON (Brand Republic) - Italian internet company Tiscali is to make a bid for shares in Dutch-based European ISP and portal World Online.
Tiscali is offering .0489 to 0.405 of its shares for each World Online share, which values World Online shares at €14.78 (£8.86) to €17.85 (£10.70), based on Tiscali’s closing share price on Friday. The company said it has received commitments for 62.1% of World Online’s share capital.
The deal values World Online at less than half its March IPO price of €43 (£25.79).