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A week has passed since business ISP and IT provider Gamma Communications accepted a cash offer from British private equity firm Epiris worth £1.079bn (here). But a new report claims that the Waterland private equity firm hasn’t given up their pursuit and plans to table a larger bid.
Last week it seemed like Epiris (Bradbury Bidco Limited), which was recently linked to separate talks for TalkTalk’s wholesale business (PXC), had put themselves in pole position to secure Gamma after both sides “reached agreement on the terms of a recommended cash offer”. Gamma’s Directors said they consider the terms of the acquisition to be both “fair and reasonable“, before recommending that it be accepted.
However, the Sunday Times (paywall) yesterday reported that Dutch private equity firm Waterland plan to formally table a larger bid for the business, which if successful would see Waterland sell off two of Gamma’s SME (small and medium sized enterprises) focused divisions to rival UK business broadband and comms provider Giacom (equating to almost 30% of Gamma’s revenue).