Second Company Withdraws from BTL Acquisition Talks

Central TV & Internet Ltd. has withdrawn from the negotiation table with Belize Telemedia Limited’s proposed telecommunications consolidation.

In a letter to BTL Chairman Markhelm Lizarraga, it stated that it has pulled out of discussions to be acquired by the state-owned company and cited reputational concerns surrounding the deal.

“With reluctance, we finally decided to consider a sale based on a fair value being proposed by BTL in furtherance of its interest to consolidate with a view to enhance revenue generation, gain economies of scale, optimize network utilization, and enjoy substantial cost savings, among other benefits,” the company said.

Chairman for Central TV & Internet Ltd., Pedro Lizarraga, said the company had engaged with BTL for more than seven years and only agreed to consider a sale after a fair value was proposed, adding that it was “prepared to consider a payment arrangement over time that would allow BTL to pay out of the very net revenue enhancements to BTL that this deal would enable.”

“However, having regard to recent developments, including personal and reputational attacks being made in the media unrelated to the merits of the commercial terms, we have decided to withdraw from further negotiations,” the company added.

This makes it the second company to withdraw.

The decision follows an earlier withdrawal by Centaur Communications Corp. Ltd. and comes amid growing opposition to BTL’s proposed $170 million acquisition. The proposal has already prompted the confirmed resignation of Social Security Board Chair Chandra Nisbet-Cansino on Friday from the BTL board and calls for a halt from the National Trade Union Congress of Belize (NTUCB) and independent senators.