Carphone Warehouse is out of the running to acquire Italian broadband provider Tiscali, reports FT.com. Tiscali rejected the British mobile phone retailer and broadband provider from its shortlist after the company made an informal offer for £550 million for Tiscali’s UK assets—a figure the Italian company considered too low, and “did not realise the industrial value of the group.” The first round elimination is sure to disappoint Carphone Warehouse CEO Charlie Dunstone, who was eager to buy Tiscali’s UK unit, which would have turned his company into the country’s largest broadband provider. The only way Dunstone could get back into the game would be to up his company’s offer substantially. Tiscali hopes to choose a buyer from its six potential acquirers at the end of the month. It’s shortlist includes satellite pay-TV firm BSkyB (NYSE: BSY) and mobile network Vodafone (NYSE: VOD).