General Discussion
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http://www.independent.ie/business/irish/digicel-calls-off-18bn-flotation-on-new-york-stock-market-31589581.html<snip>
Digicel, the telecoms group owned by billionaire Denis O'Brien, last night cancelled a planned stock market debut in New York that could have valued the business at as much as $10bn (9bn).
Bachelors in Finance
It was widely expected that the shares would begin trading on the New York Stock Exchange on Friday.
Digicel, which has its headquarters in Bermuda and which was founded by Mr O'Brien in 2000, had been expected to raise proceeds of between $1.8bn to $2bn (1.6bn and 1.8bn) from the highly anticipated share sale.
It would have been the second-biggest stock market flotation in the United States this year.
Mr O'Brien, who is chairman of the group, said in a statement last night: "Given our growth outlook, an IPO for Digicel was optional and predicated on achieving fair value for the company.
"Recent volatility in equity markets has seen a number of IPOs listing at a discount to their signalled price range and this was a less attractive route for us."
He added: "Digicel is now at a key juncture in our growth story following a $1.5bn investment programme over the past three years; we generate strong and growing free cash-flow and we have no material debt maturities until 2021."
Mr O'Brien said that Digicel would continue to exploit strong business opportunities.
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Have to go and check what's up with Bharara
jberryhill
(62,444 posts)malaise
(267,824 posts)LIME is a subsidiary of C&W and C&W bought FLOW
jberryhill
(62,444 posts)malaise
(267,824 posts)It's not that long ago.
http://www.jamaicaobserver.com/latestnews/Cable---Wireless-buys-Columbus-Intl
British telecoms firm Cable & Wireless Communications, parent company of LIME, on Thursday agreed to buy Barbados-based peer Columbus International, operators of Flow Jamaica, for US$1.85 billion.
CWC said in a statement that it will also assume US $1.17 billion of Columbus debt, taking the total value of the transaction to US $3.02 billion.
Privately-owned Columbus is a leading fibre-based telecommunications and technology services provider in the Caribbean, Central America and the Andean region.
London-listed CWC will pay $707.5 million in cash, with the rest in shares. It will fund the acquisition via a share placing totalling ten percent of the group.
PowerToThePeople
(9,610 posts)Is this OP just saying that business just get into the market to take money from easy prey? If the prey is not easily duped out of their cash, the company avoids getting into the market?
malaise
(267,824 posts)I want to know why they cancelled
former9thward
(31,805 posts)If a company gets above a certain number of owners they have to go to the market whether they like it or not. Zuckerberg never wanted to take Facebook public but was forced to by SEC regulations.