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
Explore further: Michigan team finds security flaws in traffic lights