Tiscali Seeks Buyer
8:00 AM -- As expected, European operator Tiscali SpA has jettisoned its CEO, Tommaso Pompei, and named a replacement, Mario Rosso, whose main task, it seems, is to sell the company. (See Tiscali in Turmoil? and Tiscali Appoints CEO.)
The operator, which has DSL subscribers in Italy and the U.K. (547,000 and 1.73 million respectively), notes in the press release announcing its new CEO that it will "evaluate every strategic alternative to generate further value for shareholders, in relation with the ongoing consolidation process in the telecommunication arena in Europe."
That's fancy lingo for "come and get us!"
As we mentioned earlier this week, a number of companies have been identified as potential bidders, including BT Group plc (NYSE: BT; London: BTA), Fastweb SpA (Milan: FWB), Sky , and Vodafone Group plc (NYSE: VOD).
Tiscali's share price stands at €1.91 on the Milan exchange, giving it a market capitalization of €810.6 million ($1.23 billion).
The operator's 2007 preliminary financials put full-year revenues up 34 percent at €910 million ($1.4 billion), while EBITDA grew 60 percent to €160 million ($243 million).
— Ray Le Maistre, International News Editor, Light Reading