Nice rises Friday and today,after being tipped up by Money Week magazine ,with first half sales up 86%,and a cheaper Broadband bundle than Car Phone warehouse,a forward p/e of 15.4 and a likely takeover target seems the one to be on in a guarateed consolidating sector.

WHAT DOES THIS MEAN GUYS



D E Shaw & Co LP
29 March 2007

FORM 8.3



DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE

(Rule 8.3 of the City Code on Takeovers and Mergers)



1. KEY INFORMATION


Name of person dealing (Note 1) D. E. Shaw & Co., L.P.
Company dealt in Pipex Communications Plc
Class of relevant security to which the dealings 1p Ordinary
being disclosed relate (Note 2)
Date of dealing March 28, 2007



2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE



(a) Interests and short positions (following dealing) in the class of relevant
security dealt in (Note 3)


Long Short
Number (%) Number (%)
(1) Relevant securities
(2) Derivatives (other than 29,278,837 1.22% 5,535,299 0.23%
options)
(3) Options and agreements to
purchase/sell
Total 29,278,837 1.22% 5,535,299 0.23%



(b) Interests and short positions in relevant securities of the company, other
than the class dealt in (Note 3)


Class of relevant security: Long Short

Convertible Bonds due 2011
Number (%) Number (%)
(1) Relevant securities
(2) Derivatives (other than 5,000,000 5.46%
options)
(3) Options and agreements to
purchase/sell
Total 5,000,000 5.46%





(c) Rights to subscribe (Note 3)


Class of relevant security: Details




3. DEALINGS (Note 4)



(a) Purchases and sales


Purchase/sale Number of securities Price per unit (Note 5)






(b) Derivatives transactions (other than options)


Product name, e.g. Long/short (Note 6) Number of securities Price per unit
CFD (Note 7) (Note 5)




Swap Short 109,435 0.1625



(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying


Product Writing, Number of Exercise Type, e.g. Expiry Option
name,e.g. selling, securities price American, date money paid/
call purchasing, to which European received
option varying etc. the option etc. per unit
relates (Note 5)
(Note 7)




(ii) Exercising


Product name, e.g. Number of securities Exercise price per unit (Note 5)
call option




(d) Other dealings (including new securities) (Note 4)


Nature of transaction (Note 8) Details Price per unit (if
applicable) (Note 5)




4. OTHER INFORMATION



Agreements, arrangements or understandings relating to options or derivatives



Full details of any agreement, arrangement or understanding between the person
disclosing and any other person relating to the voting rights of any relevant
securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which any
derivative referred to on this form is referenced. If none, this should be
stated.



None...........................................................................
..............................................................................






Is a Supplemental Form 8 attached? (Note 9)
NO




Date of disclosure March 29, 2007

Contact name Stephen Back (Compliance
Department)

Telephone number +1 212 478-0000

If a connected EFM, name of offeree/offeror with N/A
which connected
If a connected EFM, state nature of connection N/A
(Note 10)



Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk

mistral ..... i have no doubt at all that a deal is all but done .... whether or not it is with the company you suggest remains to be seen ...... for my part, i shall be interested to see if any deal is for 100% of PXC or just the main bits leaving WiMax and "something else" to flog on elsewhere

i read some were that it was for the lot cynic but can't think were sorry and i think
we will get the news out today........... thats wt i think!! or by April 5

as at the Windmill, all will be revealed in the end!

Just heard on the grapevine that pipex is in fact going to do a reverse takeover backed by private equity and acquire Vodaphone

From The TimesMarch 31, 2007

BSkyB retreats from bidding for PipexElizabeth Judge
BSkyB has pulled out of the bidding for Pipex, the 383 million broadband internet player, in a move that could ease price tension for the asset.

It is understood that Sky which was last year a lead contender for the UK base of AOL did not submit a formal expression of interest for Pipex.

Instead, it is thought to be focusing instead on its organic growth and is not expected to enter the auction at a later stage.

Virgin Media, which has been named as a lead bidder for the asset, is also believed to have cooled on the idea. It is understood that Virgin is no longer involved in the process for the groups main consumer broadband base.

Pipex, one of the last remaining independent broadband bases, was formally put up for sale this month. Speculation about a possible sale had circulated for some time.

Among a slew of interested parties named at the time were Virgin Media, Carphone Warehouse and BT.

It is understood that the sale of the business, which has more than 570,000 broadband customers, is being conducted on a break-up basis.

As well as offering broadband services to consumers and small businesses Pipex, whose brands include Freedom2 Surf, provides internet hosting services. It also has a Wi-Max venture with Intel.

Analysts have said that bidders could be deterred by the difficulty, and cost, of integrating Pipex's broadband customers into their own businesses.

Pipex has been built up through a series of acquisitions during several years.

The group, chaired by Peter Dubens, the entrepreneur, has long been regarded as a sale candidate. As competition in the high-speed internet sector intensifies, big-name players are seeking to maximise returns on infrastructure by scaling up their customer bases.

The competition in broadband has already forced several players out of the market.

Last year, the UK arm of AOL was snapped up for 370 million by Carphone Warehouse. In September, Pipex, which has been amassed from the acquisition of about 14 businesses, bought Cable & Wirelesss Bulldog customer base for 12 million. Industry experts believe the market will eventually be whittled down to three or four major players, including BT.

Anyone know whats going on?

the big players are thought to be cool on the idea of bidding for PXC,
The above post nicely explains.

I'm holding out for the time being..sp might strengthen later on (imo)

lots of rumour and counter-rumour flying about ..... however, it is undisputable that PXC is for sale ...... am already o'weight but tempted to buy further

Pipex down 10% plus big sells

and your point is? ....... it is as undisputable that PXC is for sale that there is also a lot of very short term money invested

I Agree with cynic lots of T10 will be forced to close there deals out today

I was just hoping to hear something about the takeover & SP will go up this week.

join the crowd! ...... suspect nothing until after close on Thursday - i.e. start of long w/e .... don't think it is relevant that Friday is not a formal b/h in either US or Europe

From the Mail on Sunday


Favourites Log Out of Pipex Deal
TWO frontrunners to buy broadband firm Pipex have dropped out of the auction, throwing into doubt the price that entrepreneur Peter Dubens can win for his internet empire.

Cable giant Virgin Media withdrew over concerns about regulatory challenges to a deal, while satellite rival BSkyB decided to continue building internet customers from its own subscribers.


Virgin was seen as favourite.

The race now looks to be between BT and rival The Carphone Warehouse, which last year paid Pounds 370 million for AOL's 1.5 million UK internet customers. Dubens hoped to achieve a price of more than Pounds 450 million for Pipex, which has 570,000 customers.

In an exclusive interview, Steve Burch, chief executive of Virgin Media, told Financial Mail he would this week announce a major deal with troubled telecom group Cable Wireless or Tiscali to sell high- speed internet services.

All it takes is two! hopefully desperate to acquire

I hope so........

i believe agm on the 13th of this month.dont expect a statement untill then.

well spotted .... assuredly PXC will have to make some sensible noises at that juncture if they have not done so before

THATS ON A FRIDAY ONLY REASON I KNOW THAT IVE GOT A DENTAL A APPOINTMENT FOR THAT DAY IN THE MORNING