Energis: Smash and Grabiner?

NEWS Mike Grabiner, who walked out of the top job at Energis last August, has emerged as the surprise bidder for his former company, now in deep financial trouble. According to reports over the weekend Grabiner's latest vehicle - venture capital group, Apax Partners - is sizing up a bid thought to be in the region of £1.2bn. Energis, which has seen its value tumble from £14bn in March 2000 to just £50m by the end of last week, has confirmed that it has been approached by a number of suitors. Officially, the company is only looking to sell off its European interests but a bid for the whole company may prove too good to turn down. Grabiner's appointment at Apax was only announced at the beginning of the month but his personal history with Energis may work in his favour. Grabiner walked away with a £10m fortune when he left the telco last year. Energis shares finished at 3p on Friday, falling another 25 per cent on the day's trading. For more on Energis, see
Energis on the brink as shares crash
http://www.silicon.com/a51539
Energis to close overseas operation
http://www.silicon.com/a51476
Energis and that poison chalice of a top job
http://www.silicon.com/a44425
Energis in the money, CEO out of the game
http://www.silicon.com/a44417