Taken from
http://news.bbc.co.uk/1/hi/business/4874694.stm
NTL and Virgin Group have agreed the conditions of a deal
NTL has reached agreement with Virgin Mobile over the terms of a takeover offer, which values the mobile operator at £962.4m ($1.62bn).
Virgin Mobile, which is 71%-owned by Sir Richard Branson's Virgin Group, had rejected NTL's original £871m bid.
Owners of Virgin Mobile shares will be offered 372p cash per share, or NTL shares, or a mixture of both.
The deal aims to create a media company capable of challenging BSkyB, the UK's dominant pay-TV provider.
It will create the first company to offer cable television as well as mobile phone services.
NTL, which recently merged with Telewest, won the support of Sir Richard Branson and his Virgin Group.
The new group will be branded under the Virgin name and will be the first in the UK to offer a four-way offer of cable TV, internet access, fixed line telephony and mobile phone services.
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