France Télécom SA's ISP subsidiary, Wanadoo SA, this morning confirmed it has made a public offer to buy Britain’s largest ISP, Freeserve.
The offer by Wanadoo has already been recommended by the boards of Freeserve and its parent company, Dixons, the companies said in a statement.
The trading of shares of both companies has been suspended pending the announcement, due to be made at 11:30 am.
Last month, Freeserve confirmed that it was in talks with an unidentified company that wanted to buy the ISP in a stock deal.
Though Freeserve at the time would not name the possible partner, Wanadoo independently confirmed it was looking into the possibility of buying Freeserve from its parent company, Dixons Store Group.
Media reports, including ones in The Wall Street Journal and Financial Times, have valued any potential all-stock deal between Freeserve and Wanadoo at £1.8 billion.