“Liberty Global confirms that it is in discussions with the board of CWC regarding a possible offer for the entire issued and to be issued share capital of CWC,” Liberty Global said in a statement Thursday.
Liberty Global cautioned that the announcement did not “amount to an announcement of a firm intention to make an offer.” It added, “There can be no certainty that any offer will be made or on the terms on which any offer might be made.”
The statement was issued in response to a story in the Wall Street Journal Thursday that suggested the deal could be worth roughly $8 billion: Cable & Wireless’ market valuation is about £2.6 billion ($4 billion), with the balance coming from its debt. The deal could be reached before the two companies report their respective results in early November, a source said.
Cable & Wireless offers pay TV, internet, landline phone and wireless service in the Caribbean, Panama, Monaco and the Seychelles; it has more than 6 million subscribers.