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Forthnet says equity funds bid for stake sale

Fri Jun 5, 2009 11:28am EDT

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ATHENS, June 5 (Reuters) - Forthnet (FORr.AT), Greece's second-largest Internet provider, said on Friday private equity funds had submitted bids to acquire a stake in the firm.

"Forthnet has received non-binding bids from private equity funds ... outlining their strategy for the company," Forthnet said in a bourse filing.

Forthnet said its board was currently evaluating the bids.

Emirates International Telecommunication LLC (EIT), part of Dubai Holding, owns a 34 percent stake in Forthnet.

Forthnet, which faces tough competition in the Internet and telecoms business, last year expanded into television by buying out Nova, Greece's biggest subscription TV operator.

Last month, the provider posted a narrower first-quarter loss of 8.9 million euros.

It said the bids were above and below Thursday's closing price of 1.64 euros a share.

The shares gained 6.7 percent to 1.75 euros on Friday, outperforming the Athens general index .ATG, which closed the session up 1.43 percent. (Reporting by Angeliki Koutantou, editing by Will Waterman)



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