NTL MAKES THREE OFFERS TO VIRGIN MOBILE.

• Position: NTL Group Ltd., Virgin Mobile Telecoms Ltd. - Brief Article

The American cable operator indicated on January 16, that it had made three bids for Virgin Mobile, including a cash offer of [pounds sterling]3.72 per share, giving the group a value of approximately [pounds sterling]940 million (euro 1.37 billion). A second share-based offer valued the group at [pounds sterling]3.52 per share or [pounds sterling]890 million. But, Virgin Group, Richard Branson's holding, which owns a 71.3% stake in Virgin Mobile, favours a third option which combines cash and shares, indicated NTL in a press release. In this third offer, NTL proposes to exchange each share for 0.074384 NTL shares and 67 pence. An initial bid was rejected by Virgin mobile on the grounds that it was not enough. NTL took pains to explain that these proposals were not formal takeover bids and that it was in no way certain that discussions would result in a takeover.

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