Cable & Wireless HKT
| Formerly known as |
Until |
| Hongkong Telecommunications Limited |
19-Jul-99 |
| Hong Kong Telephone Company Limited |
1-Feb-88 |
Decision Time
As the shareholder
meetings of C&W and HKT draw nearer, we take a look at the details
of the takeover document. If you are an HKT shareholder, watch out for a
sting in the offer alternatives. If you are a C&W shareholder,
consider the real value of the huge PCCW stake your company will be getting. We
also review the debt burden PCCW will be under and find a few surprises in
the offer document. (9-Jun-00)
Schemes & Votes
The proposed takeover of C&W HKT by PCCW is being done by Scheme of
Arrangement rather than General Offer. While this tactic accelerates the path to
100% ownership (and access to HKT's cash) the legal framework leaves the deal
open to a decision by minority shareholders in the final vote. If you are an HKT
shareholder, find out how to make your vote count! (29-May-00)
Starless Now?
The PCCW-HKT takeover document is out, and we've read it. We'll give you the
inside track on that in the next few days. But first, spare a thought for News
Corp's Star TV, which in November announced a joint venture with HKT for digital
TV. In another Webb-site.com exclusive, we have seen the full joint
venture agreement. The JV seems almost certain to collapse, and we'll tell you
why... (28-May-00)
Behind the Telstra
Deal
PCCW has begun to dismember C&W HKT
even before it has bought it. Lining up a deal with Telstra yesterday, it
will sell 40% of the mobile phone operations and borrow US$1.5bn in a
subordinated convertible loan from Telstra. We take a look at the terms of the
transaction, and update our valuation of PCCW with and without HKT, to
take account of the slide in the market prices of its internet portfolio.
(13-Apr-00)
End of The Equity Spiral
We look in detail at last week's
announcement of the proposed acquisition by Pacific Century CyberWorks of
Cable & Wireless HKT. The issue of inflated shares in the deal will
raise our valuation per share, but PCCW is now so big that the equity
spiral is over, and there's a gap of US$44bn of hope or hype in the price.
Read our detailed evaluation and discover the key "crossover" point
between the two offers. (5-Mar-00)
Screening Our Calls
In this in-depth article, with an
accompanying analysis of Pacific Century CyberWorks' hectic sequence of equity fundings and
portfolio of acquisitions, we give our latest valuation. To the London
board of Cable & Wireless we say: if PCCW is offering you paper, don't
pick up the phone. (15-Feb-00)
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