Ntl launches GBP 962 mln bid for Virgin Mobile

Tuesday 4 April 2006 | 08:54 CET | News
UK cable operator ntl has launched a bid for Virgin Mobile valuing the company at GBP 962 million. Virgin shareholders can choose from three offers: GBP 3.72 cash per Virgin share, 0.23245 ntl share for each Virgin share or a combination of GBP 0.67 cash and 0.18596 ntl shares. The deal allows ntl, which recently merged with UK rival Telewest, to add mobile services to its triple-play of voice, internet and TV. The company will also get a 30-year exclusive licence to the Virgin brand. Virgin's board is expected to recommend the bid to shareholders and 71-percent shareholder the Virgin Group has already said it will accept the cash-and-shares offer. Virgin's management will continue to run the company following the takeover. The companies had been in talks for several months on the deal, in an attempt to find an offer acceptable to minority shareholders.

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Categories: Mobile & Wireless
Companies: Virgin Mobile
Countries: United Kingdom
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