Bell Cablemedia Plc, the UK cable television joint venture of Cable & Wireless Plc and Bell Canada International Inc, has registered to offer 13.1m American Depositary Shares, 12m of them new, at a target price of $18 to $21 a share. Each represents five ordinary shares; Bell Cablemedia also registered for an offering of $300m senior discount notes. It is to acquire several UK cable and telephony franchises operated by Jones Intercable Inc and Jones Global Group Inc in exchange for new shares, making it the third largest holder of cable and telephony licences in the UK with more than 1m homes in the Greater London metropolitan area and more than 2m homes in the UK. The Jones companies will own about 14% of its shares after the transaction is completed, Bell Canada Ltd will control a 42% stake and Cable & Wireless a 13% following the transaction and the offer of Depositary Shares.
