NTL Could Face $10 Billion Bid

Private equity firms are preparing a £10 million bid for NTL, as shareholders lodge a formal complaint against the company for rejecting a £9 million offer last year, according to a report in today’s Times.

The cable giant has seen its share price fall 20% in the past four months, despite its recent £3.4 billion acquisition of Telewest.

The report says that the bid is dependent on NTL’s share price falling below its current level of $24.42 and, if successful, would represent one of the largest private equity buyouts.

The Times says that the shareholder’s letter of complaint is backed by at least two major investors and will demand that the board consider any future offers for the group and will ask why last year’s approach was not entertained.

Lat month NTL announced a new quadruple-play offer which includes free TV to any new fixed line phone customer (see NTL Announces Details Of Quadruple-Play Package).

NTL: 01256 752000 www.ntl.com