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08/12/2005
NTL offer rejected by Virgin Mobile
The board of Virgin Mobile has rejected an £817 million takeover bid from cable company NTL, saying that it “undervalues” the company.
In a statement, the board said: “Mindful of its duty to maximise value for all shareholders, in reaching this decision the board has carefully considered the potential offer and consulted with Virgin Mobile’s major independent shareholders. The board has concluded that the potential offer materially undervalues Virgin Mobile.”
Under NTL’s proposed offer, Virgin Mobile shareholders would be offered 0.09298 shares of NTL common stock per share of Virgin Mobile, as well as a full cash alternative of 323p per share, valuing the firm at almost £800 million.
The deal would create a communications giant, offering Internet, television and phone services.
Sir Richard Branson, who owns 72% of the company, reportedly said that he was happy for shareholders to accept the offer and was still confident that a deal could be agreed.
(KMcA/SP)
In a statement, the board said: “Mindful of its duty to maximise value for all shareholders, in reaching this decision the board has carefully considered the potential offer and consulted with Virgin Mobile’s major independent shareholders. The board has concluded that the potential offer materially undervalues Virgin Mobile.”
Under NTL’s proposed offer, Virgin Mobile shareholders would be offered 0.09298 shares of NTL common stock per share of Virgin Mobile, as well as a full cash alternative of 323p per share, valuing the firm at almost £800 million.
The deal would create a communications giant, offering Internet, television and phone services.
Sir Richard Branson, who owns 72% of the company, reportedly said that he was happy for shareholders to accept the offer and was still confident that a deal could be agreed.
(KMcA/SP)
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