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What's On, Transponder and channel support
Daily Transponder News and Updates
Virgin extends takeover bid deadline
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<blockquote data-quote="Satdude" data-source="post: 414236" data-attributes="member: 175600"><p>Virgin extends takeover bid deadline</p><p></p><p>Virgin Media: launched a strategic review last month after receiving a $10.8bn bid from Carlyle Group</p><p></p><p>Virgin Media has been forced to extend its deadline for receiving formal takeover proposals, citing current volatile debt markets as the reason for the extension of the negotiating process.</p><p></p><p>In a statement, Virgin Media said that following a recommendation from its financial advisers "to enhance shareholder value" it had decided to "extend the process until these parties can complete their proposals in a more stable debt market environment".</p><p></p><p>"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," said the Virgin Media statement. "There is no assurance that any transaction will occur or, if so, at what price."</p><p></p><p>A number of the dozen or so private equity firms that are thought to have registered an interest have run into difficulty raising the funds required to leverage a $23bn (£11.36bn) bid, because of problems raising finance from the unstable debt markets.</p><p></p><p>Last month Virgin Media launched a strategic review and hired Goldman Sachs to evaluate potential offers after receiving a $10.8bn (£5.3bn) bid from Carlyle Group.</p><p></p><p>Virgin Media is hoping that extending the deadline for suitors to raise the necessary finance should allow time for the debt markets to pick up and bring private equity players back into the process.</p><p></p><p>The current climate means that, for the time being, trade players such as John Malone's Liberty Global, which expresssed interest in Virgin Media last month, are in a more advantageous strategic position to mount a takeover or partner with a private equity player. </p><p></p><p>Regards Satdude.</p></blockquote><p></p>
[QUOTE="Satdude, post: 414236, member: 175600"] Virgin extends takeover bid deadline Virgin Media: launched a strategic review last month after receiving a $10.8bn bid from Carlyle Group Virgin Media has been forced to extend its deadline for receiving formal takeover proposals, citing current volatile debt markets as the reason for the extension of the negotiating process. In a statement, Virgin Media said that following a recommendation from its financial advisers "to enhance shareholder value" it had decided to "extend the process until these parties can complete their proposals in a more stable debt market environment". "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," said the Virgin Media statement. "There is no assurance that any transaction will occur or, if so, at what price." A number of the dozen or so private equity firms that are thought to have registered an interest have run into difficulty raising the funds required to leverage a $23bn (£11.36bn) bid, because of problems raising finance from the unstable debt markets. Last month Virgin Media launched a strategic review and hired Goldman Sachs to evaluate potential offers after receiving a $10.8bn (£5.3bn) bid from Carlyle Group. Virgin Media is hoping that extending the deadline for suitors to raise the necessary finance should allow time for the debt markets to pick up and bring private equity players back into the process. The current climate means that, for the time being, trade players such as John Malone's Liberty Global, which expresssed interest in Virgin Media last month, are in a more advantageous strategic position to mount a takeover or partner with a private equity player. Regards Satdude. [/QUOTE]
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Virgin extends takeover bid deadline
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