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05/12/2005
NTL and Virgin confirm takeover talks
Cable company NTL has confirmed that it has approached Virgin Mobile to discuss a potential merger.
If the negotiations are successful, it would create a communications giant, offering internet, television and phone services, which would rival Rupert Murdoch’s dominant BSkyB.
Under the deal, Virgin Mobile shareholders would be offered NTL shares, as well as a full cash alternative at 323p per share, effectively valuing NTL at almost £800 million.
NTL stressed that the discussions were “preliminary in nature and subject to the satisfaction of certain further conditions, including due diligence”.
The company also said that it had held preliminary discussions with T-Mobile, Virgin Mobile’s network provider, which has said that it is supportive of the deal.
NTL will also continue its proposed combination with Telewest Global Inc, which was announced on October 3.
Virgin Mobile confirmed that it had received the offer from NTL, which, it said, “may or may not lead to a formal offer being made for the company”. The company also said that it would be “mindful of its duty to maximise value for all shareholders”.
Sir Richard Branson’s Virgin Group, which owns 72% of Virgin Mobile, has elected to take a continuing equity participation in NTL, although it has reserved the right to take a small portion of its consideration in cash.
NTL is the UK’s largest cable company with 3.3 million residential customers and it also supplies broadband services to 1.6 million customers.
Virgin Mobile has gained more than 4 million customers since November 1999.
(KMcA/SP)
If the negotiations are successful, it would create a communications giant, offering internet, television and phone services, which would rival Rupert Murdoch’s dominant BSkyB.
Under the deal, Virgin Mobile shareholders would be offered NTL shares, as well as a full cash alternative at 323p per share, effectively valuing NTL at almost £800 million.
NTL stressed that the discussions were “preliminary in nature and subject to the satisfaction of certain further conditions, including due diligence”.
The company also said that it had held preliminary discussions with T-Mobile, Virgin Mobile’s network provider, which has said that it is supportive of the deal.
NTL will also continue its proposed combination with Telewest Global Inc, which was announced on October 3.
Virgin Mobile confirmed that it had received the offer from NTL, which, it said, “may or may not lead to a formal offer being made for the company”. The company also said that it would be “mindful of its duty to maximise value for all shareholders”.
Sir Richard Branson’s Virgin Group, which owns 72% of Virgin Mobile, has elected to take a continuing equity participation in NTL, although it has reserved the right to take a small portion of its consideration in cash.
NTL is the UK’s largest cable company with 3.3 million residential customers and it also supplies broadband services to 1.6 million customers.
Virgin Mobile has gained more than 4 million customers since November 1999.
(KMcA/SP)
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06 December 2006
NTL Drops ITV Bid
NTL has dropped plans to bid for ITV after its £4.7bn proposal was rejected by the broadcaster. As expected by industry analysts rival BSkyB has swooped to take a blocking stake in ITV. According to news sources the decision has been welcomed by major shareholders in the cable group, who are keen for NTL to focus on its recent acquisitions.
NTL Drops ITV Bid
NTL has dropped plans to bid for ITV after its £4.7bn proposal was rejected by the broadcaster. As expected by industry analysts rival BSkyB has swooped to take a blocking stake in ITV. According to news sources the decision has been welcomed by major shareholders in the cable group, who are keen for NTL to focus on its recent acquisitions.
08 December 2005
NTL offer rejected by Virgin Mobile
The board of Virgin Mobile has rejected an £817 million takeover bid from cable company NTL, saying that it “undervalues” the company.
NTL offer rejected by Virgin Mobile
The board of Virgin Mobile has rejected an £817 million takeover bid from cable company NTL, saying that it “undervalues” the company.
09 May 2006
NTL announces 6,000 jobs cuts
Cable TV operator NTL, which recently acquired Virgin Mobile, has announced that it is to cut 6,000 jobs in the UK by 2007, as it trims back and outsources staff. The company said that the merger with Telewest was likely to realise savings of around £250 million-a-year, as the £3.4 billion merger was completed.
NTL announces 6,000 jobs cuts
Cable TV operator NTL, which recently acquired Virgin Mobile, has announced that it is to cut 6,000 jobs in the UK by 2007, as it trims back and outsources staff. The company said that the merger with Telewest was likely to realise savings of around £250 million-a-year, as the £3.4 billion merger was completed.
07 March 2005
World's first 3G radio player launched
Virgin Radio is set to become the first radio station to become globally available via 3G phones. The UK radio broadcaster has teamed up with Sydus, specialists in music to mobile streaming, in order to make the radio station available through mobile phones.
World's first 3G radio player launched
Virgin Radio is set to become the first radio station to become globally available via 3G phones. The UK radio broadcaster has teamed up with Sydus, specialists in music to mobile streaming, in order to make the radio station available through mobile phones.
12 November 2008
Unemployment Highest In Over A Decade
Unemployment has risen by 140,000 to 1.82 million - the highest rate in 11 years, according to grim figures released today. The Office for National Statistics figures also revealed the number of people claiming Jobseeker's allowance last month increased by 36,500 to 980,900. This is the highest monthly increase since 1992.
Unemployment Highest In Over A Decade
Unemployment has risen by 140,000 to 1.82 million - the highest rate in 11 years, according to grim figures released today. The Office for National Statistics figures also revealed the number of people claiming Jobseeker's allowance last month increased by 36,500 to 980,900. This is the highest monthly increase since 1992.
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