The anticipated takeover of the Bahamas telecommunications Company (BTC) by Cable & Wireless Communications (CWC) was inexplicably halted yesterday.<\/p>\n
No explanation has been given for the delay but all parties say the deal will still go through.<\/p>\n
This, depsite numeorus threats from Opposition PLP leader Perry Christie, who says he will undo the deal if he is elected.<\/p>\n
A memo to staff last week, from BTC acting CEO Kirk Griffin said that the anticipated takoever would occur Monday, April 4, 2011.<\/p>\n
Indeed, Bahamas Information Services (BIS), the government press corps, issued a notice over the weekend requesting press coverage of the event.<\/p>\n
Less than an hour before the deal was consumated, BIS advised that the signing would not take place as scheduled.<\/p>\n
As of this morning, government and CWC were still working through details of the deal.<\/p>\n
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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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