Feeds

Stakes raised in NTL - Virgin Mobile bid talks

Investors holding out for more cash

Eight steps to building an HP BladeSystem

There's still little sign of a breakthrough in the stalemate surrounding NTL's bid to buy Virgin Mobile. The Sunday Telegraph reports that the cellco's institutional shareholders are playing hard to get and want the firm to hold out for 400p a share.

In December, NTL - whose merger with Telewest recently received the green light from the Office of Fair Trading (OFT) - offered 323p a share for Virgin Mobile valuing the business at around £817m. This offer was rejected by Virgin Mobile.

Sir Richard Branson, who owns 72 per cent of Virgin Mobile and is keen to see the deal go ahead, has said that 360p a share might be enough to secure a deal but institutional investors are standing firm and want 400p, reports the paper.

Negotiations are due to kick off again this week after the Christmas break with recent reports suggesting that NTL might be prepared to up its £817m offer for Virgin Mobile by around 10 per cent.

But this could be complicated further because a group of private investors, thought to comprise Apax Partners, Cinven, Kohlberg Kravis Roberts, Premier, Providence Equity Partners, is understood to be keen on buying the whole kit and caboodle for around £8bn.

Should the firms and investors manage to strike a deal it would lead to the creation of a mega media business offering punters a four-play service of TV, fixed-line phone, broadband and mobile. As part of the deal the whole business would be renamed under the Virgin brand. ®

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
Bose says today IS F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.