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NTL stands by £817m bid for Virgin Mobile

'Better value for all Virgin Mobile shareholders'

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NTL reckon its £817m bid for Virgin Mobile is a good offer representing "better value for all Virgin Mobile shareholders" - even though it's been rejected by the cellco.

On Monday both NTL and Virgin Mobile confirmed they were holding talks that could lead to the creation of a mega media business offering punters a four-play service of TV, fixed-line phone, broadband and mobile under the Virgin brand.

NTL said it was prepared to pay 323p a share (£817m) for the cellco, which is 72 per cent owned by Sir Richard Branson. However, this was "unanimously rejected" by the board of Virgin Mobile who claimed it "undervalued" the business.

Branson then waded into the debate saying that extra dosh would probably sway it which in turn helped push Virgin Mobile's share price to a record price of 361p

Today, though, NTL appears to be standing firm on its offer.

"NTL continues to believe that its potential offer at 323 pence per Virgin Mobile share represents better value, for all Virgin Mobile shareholders, than Virgin Mobile's stand-alone alternatives and will make a further announcement in due course, if and when appropriate.

It went on: "NTL reserves the right to make an offer at a price lower than 323p per Virgin Mobile share with the agreement of the Virgin Mobile Board or in the event that a person not acting in concert with ntl announces an offer at less than this price." ®

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