6/23/2008 11:09:00 AM
Phones International bid for rival 20:20
Phones International boss and Dragon's Den star Peter Jones has made an offer for rival distributor 20:20 last week.
Mobile understands that 20:20 could be taken over by Phones International as early as next week, subject to approval by 20:20's debt syndicate and majority owner Doughty Hanson.
Earlier this month, 20:20’s debt syndicate wrote off £175m of debt in exchange for a 50% share in the company, which would give the business a maximum value of £350m. The deal also reduced 20:20’s total debt from £265m to £90m.
Last month, 20:20’s airtime business, Dextra, was off-loaded to rival distributor Fone Logistics in an earn-out deal.
Phones International managing director George McPherson declined to comment.