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He said: "Our shareholders told us that we were over-exposed to the internet sector."Freeserve, advised by Credit Suisse First Boston, is understood to have made the initial approach to Wanadoo in the late summer, following the break down of merger talks with Germany's T-Online in June.Italian group Tiscali also expressed interest in a deal throughout the autumn, but the company was rejected because it was felt to lack Wanadoo's strategic vision and was in the process of completing a separate acquisition.How will the story stack up against the greatest films about business?There are over 87,000 different drink combinations at Starbucks, according to the coffee retailer’s website. From flu remedies to Harry Potter-inspired beverages, we highlight the weird and the wonderful brews and infusions.If you need to take a new snap, get hold of a smartphone and follow these tips to ensure you’re looking your best.
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The company had been looking for a new parent since shortly after the beginning of the year, when Dixons said it wanted to sell out.
Shares in Freeserve dropped 8.25 to 133p, while Dixons shares fell 16 to 235p. The Big Short, the film adaptation of Michael Lewis' book of the same name about the causes of the financial crisis, opens in UK cinemas this weekend.
Shares in Freeserve and its 79pc shareholder electrical retailer Dixons both fell, as the City was disappointed with the relatively small merger premium on offer.
The combined group will have 4m active internet subscribers in six countries, half of which come from Freeserve, with a portfolio of websites visited by 9m people a month. We look forward to looking back in five years' time to see what we have achieved."However, there will be no job for Freeserve's chief financial officer Nick Backhouse, who will depart from the group in six months' time once the merger is concluded. This is a good deal, but there's no job for me in Wanadoo." Freeserve shareholders will receive 0.225 shares in Paris-listed Wanadoo. The offer values Freeserve at 155p a share, at Wanadoo's closing price of Eu11.10.