Briefs: Virgin Mobile rejects NTL's $1.4B offer

December 8, 2005

Virgin Mobile Thursday rejected a takeover bid from cable group NTL that proposed to buy out the company for $1.4 billion.

"The board has concluded that the potential offer materially undervalues Virgin Mobile," the wireless arm of the Virgin group led by business tycoon Richard Branson said in a news release.

By acquiring Virgin Mobile, NTL had been hoping to be the first British telecommunications group to offer fixed-line and mobile operations as well as Internet access and cable viewing under a single company.

Copyright 2005 by United Press International

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