By Kate Hanaghan, 10 July 2002 14:50
NEWS Liberty Media has extended the deadline of its tender for Telewest bonds. The offer was originally set to close tomorrow but will now be kept open until 19 July. Liberty, which is Telewest's biggest shareholder, wants to increase its control of the company by acquiring bonds from existing holders. To date it has got its hands on 17 per cent of the bonds. If it manages to secure 25 per cent, LIberty's already highly influential boss, John Malone, would be in a position to veto Telewest's debt arrangements. However, Malone faces stiff opposition with some bondholders claiming the offer is illegal. A lawsuit has been filed in New York by Angelo, Gordon & Co and other unidentified bondholders.
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