B Digital confirms takeover talks Wires November 25, 2002
THE Seven Network's mobile phone company B Digital Ltd today confirmed it had held takeover talks with Hong Kong's Broadband & Wireless.
B Digital made the statement in response to reports that Seven was planning to sell B Digital to the Hong-Kong investment group, which also struck a deal with trouble telco New Tel.
"The company advises that discussions have been undertaken with a number of parties during previous months," B Digital said.
"Further, we wish to advise that the company received an indicative offer from Broadband & Wireless Ltd (BWL) some weeks ago, after discussions with BWL, however no formal offer has been received and there are no indications that a firm offer will be received.
"Therefore, the B Digital board has not had a formal offer to consider.
"We also advise that details of the BWL and New Tel arrangements are unknown to B Digital Ltd."
A BWL executive told a financial newspaper that Seven had been issued with an indicative offer, and it was expected a formal would follow early next month.
B Digital has been selling its overseas operations so it could concentrate on the Australian market.
Its shares were untraded by 2.11pm. They last traded at 9c last week.
