Virgin Media says bid for company received

0 Comments | AFP, July, 2007

NEW YORK (AFP) — Virgin Media, the telecom and television giant previously known as NTL, confirmed Monday a bid for the group was being made but offered no details.

The company, listed on the Nasdaq exchange but with operations mainly in Britain, said in a statement it has received "a proposal to acquire 100 percent of the common stock of the company" but that it was not in negotiations with the potential buyer.

The New York Times reported Sunday that private equity giant The Carlyle Group had made a bid that could be worth as much as 20 billion dollars, including debt assumption.

In its statement, Virgin Media said the proposal "is based on public information and is subject to various conditions, including a due diligence examination and a period of...