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.
posted by Fergie @ 12/07/2005 06:13:00 PM
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