NTL’s major shareholders are becoming frustrated with the cable giant’s attempts to acquire ITV and would prefer it if the company focused on integrating Telewest and Virgin Mobile.
According to a report in the
Guardian, some of NTL’s largest shareholders want the company to forget about bidding for ITV and to concentrate on matters closer to home.
The report quotes one shareholder as saying: “There is a very high bar proving the strategic value. I think the shareholders would rather them stick to their knitting.”
“The company does have a lot of work to do in terms of integrating Telewest and Virgin Mobile,” the report quotes another shareholder as saying.
ITV rejected a merger bid from NTL last week and said in a statement that there was “little, if any, strategic logic for ITV to combine with NTL,” (see ITV Rejects NTL Merger Bid).
After BSkyB acquired a 17.9% stake in ITV it became very unlikely that NTL would be successful in it ambitions for a merger (see ITV Share Price Falls After BSkyB Acquires Stake).
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