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Secret suitor seeks Virgin Media with $11.35 bil. bid
July 3, 2007
Virgin Media Inc. received a buyout offer worth as much as $11.35 billion, people familiar with the deal said on Monday, sending shares in the British telecommunications company to a new one-year high.
But, underscoring the delicate nature of the proposal, Virgin Media would not name its suitor and said the deal would be scrapped if it even disclosed the potential terms.
The offer of between $30 to $35 per share was made by the Carlyle Group, a Washington-based private-equity firm, according to people who spoke only on the condition that they not be identified. Virgin also has roughly $12.1 billion of debt.
Shares of Virgin Media jumped 18 percent, or $4.30, to $28.67 Monday.
Virgin Media would say only that the offer came after it began a review with Goldman Sachs to explore "strategic alternatives," including a possible sale. Despite being formally based in New York and listed on the Nasdaq, the company's operations are in the U.K.
Virgin Media said ''there is no assurance that any transaction will occur or, if so, at what price.'' The company said it does not plan to comment further until a deal is reached or the offer is dropped.
Virgin Media was formed to create Britain's first "quadruple play" service, offering mobile phone, fixed-line phone, Internet broadband and TV services.
AP
Link
July 3, 2007
Virgin Media Inc. received a buyout offer worth as much as $11.35 billion, people familiar with the deal said on Monday, sending shares in the British telecommunications company to a new one-year high.
But, underscoring the delicate nature of the proposal, Virgin Media would not name its suitor and said the deal would be scrapped if it even disclosed the potential terms.
The offer of between $30 to $35 per share was made by the Carlyle Group, a Washington-based private-equity firm, according to people who spoke only on the condition that they not be identified. Virgin also has roughly $12.1 billion of debt.
Shares of Virgin Media jumped 18 percent, or $4.30, to $28.67 Monday.
Virgin Media would say only that the offer came after it began a review with Goldman Sachs to explore "strategic alternatives," including a possible sale. Despite being formally based in New York and listed on the Nasdaq, the company's operations are in the U.K.
Virgin Media said ''there is no assurance that any transaction will occur or, if so, at what price.'' The company said it does not plan to comment further until a deal is reached or the offer is dropped.
Virgin Media was formed to create Britain's first "quadruple play" service, offering mobile phone, fixed-line phone, Internet broadband and TV services.
AP
Link
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