Virgin Media has extended its deadline for receiving formal takeover proposals following a recommendation from its financial advisers “to enhance shareholder value”.
Virgin Media said in a statement that it had “extend the process until these parties can complete their proposals in a more stable debt market environment”.
It added: “As a consequence of this review and the resulting process, potential strategic and financial counterparties have continued to confirm a strong ongoing interest in a transaction. There is no assurance that any transaction will occur or, if so, at what price.”
Last month the company launched a strategic review, hiring Goldman Sachs to look at potential offers having received a bid from US private equity firm Carlyle Group (see Private Equity Firm Makes Virgin Media Bid).
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