Talktalk founder increases his stake with a £1m share swoop sparking speculation that he may be planning a takeover bid
Talktalk chairman Sir Charles Dunstone (pictured, with his wife Celia) has increased his stake again – and is now within a whisker of having to make a full-blown takeover bid.
The 55-year-old snapped up 955,149 shares in the broadband provider on March 6 and March 9 for almost £1million, filings revealed yesterday.
He has bought more than 12m shares over the past six months, and has 341.3m, or 29.77 per cent, just below the 30 per cent threshold that requires him to make a bid for the rest of the business under takeover rules.
Takeover talk: Talktalk founder Sir Charles Dunstone (pictured, with his wife Celia) snapped up 955,149 shares in the broadband provider on March 6 and March 9 for almost £1m
It is likely to trigger speculation about his plans, including whether he could consider taking Talktalk private.
Since September he has taken advantage of the low share price – down 76 per cent from 415.1p in 2015 – to pounce.
Dunstone, who is Talktalk’s biggest shareholder, seized back control of the business in 2017.
The billionaire founder of Carphone Warehouse, who started Talktalk in 2003, had been non-executive chairman.
It sold Fibrenation, its fibre cables arm, earlier this year to rival Cityfibre for £200million.