December 8, 2005

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

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.

Citation: Briefs: Virgin Mobile rejects NTL's $1.4B offer (2005, December 8) retrieved 18 September 2024 from https://phys.org/news/2005-12-virgin-mobile-ntlaposs-14b.html

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

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