Wednesday, December 07, 2005

Virgin Rejects NTL Courtship


Image source: vnunet.com


Tom Sanders writes on vnunet.com:

Virgin Mobile's board of directors has rejected the takeover bid by NTL.

The £817m offer "materially undervalues Virgin Mobile", the board stated.

Cable operator NTL on Monday launched a bid for the mobile telephone provider. The firm has said that is considering raising its offer to £834m.

Virgin Mobile is 72 per cent owned by the Virgin Group of Sir Richard Branson. The acquisition would provide the group with a 12-15 per cent stake in NTL. Branson has said that he supports the proposal but Gordon McCallum, the board member representing Virgin Group, abstained from voting on the proposal.

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