US private equity groups are after Virgin Media again.
http://www.guardian.co.uk/business/2...rss&feed=media
Predators target Virgin Media
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Mark Watts and
Richard Wachman
The Observer, Sunday March 9 2008
Richard Branson could scoop $750m if Virgin Media is sold to US private equity groups, which are actively considering launching a takeover bid, despite continuing turmoil in the credit markets.
According to a private document entitled 'Project Coaxial' - seen by The Observer -
Blackstone, Cinven, KKR and Providence Equity are prepared to offer $6bn to $7.5bn for the company, in which Branson's Virgin group holds a 10.5 per cent share.
The proposals suggest the predators are ready to take advantage of Virgin Media's weak share price, which slipped to $14 last week.....
...
Advisers to the private equity consortium's advisers state in the document that 'we believe the Virgin Media board may consider a proposal, depending on premium paid'.
The advisers provide analysis for bid prices ranging from $17 to $22, but the report says nothing explicit about the timetable.
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