Vodafone poised to swallow Project Telecom

Phone services group Project Telecom today looked set to become part of Vodafone after it recommended a £155m (€220m) takeover to shareholders.

The deal, which already has the backing of the owners of just over 60% of Project Telecom shares, offers investors 70p per share – a 43% premium to its price on July 10, the day before it revealed that it had received a takeover approach.