GO plc officially put up for sale

GO plc has officially been put for sale, following an Extraordinary General Meeting on Thursday.

During the EGM, GO shareholders approved a resolution that authorises the company’s board of directors to seek bids for GO’s entire share capital.

The decision comes three months after GO’s majority shareholder, Emirates International Telecommunications (EIT) announced its decision to sell its 60% shareholding in the company the short term.

During Thursday’s EGM, shareholders also approved the company’s disclosure of all information, including unpublished price-sensitive information, so as to enable potential bidders to make, confirm, withdraw, or modify any offer for the shareholding in the company.  

“It is my duty to ensure that the interests of all shareholders are safeguarded in this sale process,” GO chairman Deepak Padmanabhan told shareholders at the EGM. “The first resolution at today's General Meeting gives all shareholders the opportunity, should they so wish, to sell their shares in the Company together with EIT, thus benefitting from the value of selling together with GO's majority shareholder.

I believe that the Company's present position, a position which has been achieved with much effort and following a focused strategy, means we are in great shape to achieve the good return we are aiming for."