Virgin allows more time for possible bidders
Virgin Media gave potential bidders more time to put together their plans today after receiving “strong” interest in a possible deal for the firm.
The cable company extended the process so the parties can complete their proposals in a more stable debt market environment.
A month ago, Virgin said it had received a takeover offer for the business, a £5.5bn (€8bn) move thought to have come from private equity firm Carlyle.
Virgin considered the proposal as part of a review of its strategic alternatives, including the possible sale of the company.
It said today: “As a consequence of this review and the resulting process, potential strategic and financial counter-parties have continued to confirm a strong ongoing interest in a transaction.
“Virgin Media’s financial advisers have recommended that Virgin Media extend the process until these parties can complete their proposals in a more stable debt market environment.”
