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Path cleared by Branson for ntl and Virgin Mobile Deal

# 16 January 2006, 20:47 by Cable Forum

Reuters, report today that ntl and Virgin Mobile have unveiled details of a potential £919 million ($1.6 billion) takeover deal that would see billionaire entrepreneur – Sir Richard Branson, take less than other investors.

Reuters stated, ‘Under NTL’s revised takeover proposal, Virgin Mobile’s shareholders could exchange each share for 372 pence in cash or 0.09298 NTL share, or a mix of NTL shares and convertible stock known as a “redeemable unit” plus 67 pence in cash.’

Reuters also report Sir Richard Branson’s Virgin Group, has indicated to ntl its intention to accept the third option.

ntl had earlier approached Virgin Mobile with an offer of 323p a share but Virgin Mobiles board had rejected the offer and claimed it was too low.

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