Waterland Withdraws Alliance with Giacom Amid Gamma Communications Takeover
Key Developments in the Gamma Communications Takeover
Waterland and Giacom's Changing Relationship
Sept 11 (Reuters) - Dutch private equity firm Waterland said on Friday it is no longer in concert with UK-based Giacom to make an offer for British telecom company Gamma Communications.
Recent Takeover Offers and Market Response
Epiris' Accepted Offer
• Gamma agreed to a 1,120 pence per share offer from private equity firm Epiris earlier this month, capping months of takeover talks.
Waterland's Ongoing Interest
• Waterland said it is continuing to consider its interest in Gamma, but that there can be no certainty of a firm offer.
Market Reaction
• Gamma's shares were down 2.8% at 1141p at 1443 GMT.
Private Equity Interest in Gamma
Other Bidders
• The telecommunications company has attracted interest from several private equity firms this year, including Oakley Capital and Providence Equity Partners, which withdrew their bids in June.
Giacom's Role
• In August, Gamma said Giacom, a telecom service company, is acting in concert with Waterland relating to a possible deal in which Giacom would buy certain business units of Gamma.
Speculation and Media Reports
Potential for Higher Offers
• The Sunday Times reported on Monday that Waterland could make an offer for Gamma that could exceed Epiris' £1.08 billion ($1.46 billion) bid.
Giacom's Response
• Giacom could not be reached immediately for comment.
Exchange Rate Information
($1 = 0.7392 pounds)
Reporting Credits
(Reporting by Unnamalai L in Bengaluru; Editing by Shreya Biswas)