KeyTech Holdings shares ended last week trading above the revised price of the submitted for the company by telecoms giant Cable & Wireless as the war of words over the takeover bid continued.

KeyTech's board of directors have rejected C&W's bid, saying it does not reflect the value of the company, but investors seem to believe that the C&W will raise its price since the shares are now trading at $16.

C&W bid $205 million for the company, which was the equivalent of $17 per share. Since then, a ten percent share issue means the bid now equates to $15.45 per share, 55 cents less than the shares traded for last week on volume of 50,123 shares.

Elsewhere, Royal Gazette/Bermuda Stock Exchange Index bellwether Butterfield Bank closed up 25 cents to $59.25 on volume of 45,026 shares. Bermuda Commercial Bank warrants, which saw some are activity last week, gained 50 cents to close at a 52-week high of $1.75 on volume of 4,000 shares.

But Bermuda Aviation Services fell 25 cents to close at $6.50 on volume of 5,000 shares.

Argus was unchanged at $14.50 on volume of 2,909 shares, Devonshire Industries held at $14.80 on trading of 1,600 shares and Kentucky Fried Chicken was unaltered at its 52-week high of $6.

Bermuda Container Line also held at $13.50 as 1,000 shares traded.

For the week, the Index ended up 25.737 points at 4,933.34 on volume of 110,558 shares worth $3.59 million.