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ntl buy-out yet to get Branson and Huff backing
# 18 August 2006, 08:21 by Cable Forum
Earlier press reports this week speculated that a private consortium, were said to be holding talks with ntl over a takeover bid, with an offering worth £10 Billion plus. According to one source, ntl is yet to decide on the offer, but various other sources state that no such talks are going on or have even started and that the takeover approach, hasn’t yet got the backing of the two most important share holders, Sir Richard Branson and Bill Huff.
Apparently, a spokesman for Branson’s Virgin group told the FT, “We have been shareholders in this business for a month and we have not had any approaches.”
The private equity approach is said to offer $30 a share. However, Mr Huff, is said to be still unwilling to hand over, to a buyer for $32 a share or less, especially since the intergration of both Telewest and Virgin Mobile is still in its early stages and is yet to relaunch under the ‘Virgin’ brand.
The private equity consortium, which is led by Providence Equity Partners, includes Blackstone, Kohlberg Kravis Roberts and Cinven.
More over @ FT.com.