Cyprus-Forum.com

[root]

25/09/2006

HNS Limited announced that it decided to submit a Public Offer to the shareholders of Spidernet Services Public Ltd (SNET) for the acquisition of a minimum 51% and maximum 100% of the issued share capital of Spidernet.

The consideration that will be offered for every share of Spidernet stands at CYP 0.045 cash for a total deal value of CYP 1.1 mln assuming that all shareholders accept the offer.

The major shareholders of Spidernet, who hold 53.957% of the issued share capital of Spidernet Services agreed with HNS Limited and are bound to accept the Public Offer.

The Public Offer is subject to any necessary approval pursuant to the Law on the Protection of competition and Consolidation of Businesses. HNS Limited will take the necessary measures to secure the aforementioned approval.

The full data and information of the Public Offer will be included in the Public Offer Document, which will be prepared pursuant to the current legislation.

Laiki Investments EPEY Public Company Limited are the advisors of HNS Limited.



source: http://www.financialmirror.com/more_news.php?id=4828

[reportfromcyprus]

That's interesting. Who are HNS Ltd?

[root]

Primetel

[reportfromcyprus]

Looks like a smart move if they're going for market share.

[Sotos]

Why Primetel needs Spidernet? Primetel provides services from their own platform. Are they doing this just to get the Spidernet customer base?

[reportfromcyprus]

Market penetration - the customer base and Spidernet's market share.

[Sotos]

But spidernet services are offered with i-choice. Wouldn't they still have to convince Spidernet clients to switch to the primitel platform?

[reportfromcyprus]

Not necessarily right away, they might give it some time before re-branding spidernet to primetel, or just keep it as a separate brand and count its market share as part of its portfolio.

[Hazza]

Who is Cablenets ISP??

[Sotos]

Why cablenet and primetel need a separate ISP??