NTL says its £817m offer for Virgin Mobile is best alternative

by Staff

December 09, 2005

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NTL says its £817m offer for Virgin Mobile is best alternative

LONDON – NTL has responded to the rejection of its £817m bid for Virgin Mobile by independent directors, saying that its offer is the best alternative for the firm owned by Sir Richard Branson.

Earlier this week, Branson said that he thought NTL would have to offer as much as £100m extra as shareholders rejected the cable firm's bid.

In a statement issued this afternoon, NTL said: "NTL continues to believe that its potential offer at 323p per Virgin Mobile share represents better value, for all Virgin Mobile shareholders, than Virgin Mobile's standalone alternatives and will make a further announcement in due course, if and when appropriate."

Branson, who owns 72% of Virgin Mobile, said that he thought a deal would still be done.

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