US-based Pinebridge Investments has reportedly rejected two bids of about €100m (US$118m) for its Romanian cable unit Digital Cable Systems (DCS), which operates under the AKTA brand, as it had aimed to raise twice as much.
Liberty Global’s UPC and…
US-based Pinebridge Investments has reportedly rejected two bids of about €100m (US$118m) for its Romanian cable unit Digital Cable Systems (DCS), which operates under the AKTA brand, as it had aimed to raise twice as much.
Liberty Global’s UPC and UK-based Vodafone submitted offers after six months of talks, Romania’s Ziarului Financiar cited industry sources familiar with the negotiations as saying.
UPC Romania is the country’s second-largest cable TV operator after RCS&RDS, while Vodafone Romania is the second-largest mobile operator, trailing the local unit of French incumbent Orange.
Another source was cited as saying that Pinebridge received several offers for the triple-play operator, adding that there is huge interest in market consolidation.
According to this source, bidders may yet improve their offers as initial bids were designed to gauge the lowest price Pinebridge would sell for.
DCS has more than 600,000 cable TV, internet and phone subscribers, according to Pinebridge, which first invested in the company in October 2007.
Pinebridge, DCS, Vodafone and UPC were not immediately available for comment.
