Private firms to make fresh ntl takeover bid, papers say

16 Aug 2006

Four private equity groups are preparing a GBP10 billion (USD18.9 billion) bid for UK cable group ntl Incorporated, according to The Times. ntl’s shares have fallen 20% over the past four months as it struggles to demonstrate the benefits of its recent GBP3.4 billion buyout of cable rival Telewest in the UK’s increasingly competitive pay-TV and broadband markets. Disgruntled shareholders are today expected to lodge a formal complaint against the group’s rejection of a GBP9 billion takeover offer last year, paving the way for a fresh bid. The approach, which is understood to be dependent on ntl’s share price falling below its current level of USD24.42, would represent one of the UK’s largest ever private equity buyouts.

United Kingdom, Virgin Media