U.K.'s ITV Nixes NTL's $8.9B First Offer.(ITV PLC. rejects NTL Group Ltd. deal)
Multichannel News, November, 2006 by Farrell, Mike
By Mike Farrell
Director Branson Blasts BSkyB for Trying to Block Deal
British cable operator NTL's pursuit of ITV took on several new twists last week as the United Kingdom's largest commercial broadcaster rejected its initial offer, less than a week after NTL rival British Sky Broadcasting was accused of trying to scuttle the deal by buying a 17.9% stake in ITV.
ITV rejected NTL's $8.9 billion offer last Tuesday in a statement to the London Stock Exchange, saying that the NTL offer materially undervalues ITV.
'The board believes that whereas there is obvious appeal to NTL in gaining control of ITV's substantial and successful business, from ITV's perspective there is little, if any, strategic logic for ITV to combine...
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