According to daily publication MF, Vodafone will offer around €2.80 a share, valuing Tiscali at €1.6 billion, including tax credits. Reuters notes that Tiscali said in a statement no decision has yet been taken on its sale process, adding that negotiations are ongoing with several operators. Vodafone declined to comment.

Vodafone has been tipped as a front-runner in the race to acquire Tiscali since the company put itself up for sale in early April. The move would fit with Vodafone’s recent strategy to operate fixed-line businesses in many of its mobile markets. According to the Reuters report, other contenders to acquire Tiscali include British Sky Broadcasting, Swisscom unit Fastweb, and Wind. Tiscali is the fourth-largest broadband operator in the UK and the third-largest in Italy.