NTL Offers $1.4B to Buy Virgin Mobile
Adam Pasick and Santosh Menon write for Reuters:
UK cable TV company NTL has offered to pay 817 million pounds for Virgin Mobile, aiming to create a TV, Internet, fixed-line and mobile phone powerhouse under Richard Branson's Virgin brand.
The approach, announced by NTL on Monday, boosted shares of Virgin Mobile by as much as 14 percent on hopes of a counterbid from a rival mobile carrier or a sweetened offer from NTL.
Under terms of the offer, which values each Virgin Mobile share at 323 pence in cash or 0.09298 shares of NTL, billionaire entrepreneur Branson, who controls Virgin Mobile, would become NTL's largest shareholder with a 14 percent stake.
posted by Fergie @ 12/05/2005 09:32:00 AM
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