BTC Takeover Halted

The anticipated takeover of the Bahamas telecommunications Company (BTC) by Cable & Wireless Communications (CWC) was inexplicably halted yesterday.

No explanation has been given for the delay but all parties say the deal will still go through.

This, depsite numeorus threats from Opposition PLP leader Perry Christie, who says he will undo the deal if he is elected.

A memo to staff last week, from BTC acting CEO Kirk Griffin said that the anticipated takoever would occur Monday, April 4, 2011.

Indeed, Bahamas Information Services (BIS), the government press corps, issued a notice over the weekend requesting press coverage of the event.

Less than an hour before the deal was consumated, BIS advised that the signing would not take place as scheduled.

As of this morning, government and CWC were still working through details of the deal.

The final deal calls for C&W Bahamas Holdings Limited to pay $210 million for 51% of BTC, along with a stamp duty of $7 million.

Eventually, 25% of the government’s share of the stock will be sold to the public, making Bahamians the owners of BTC for the first time.