AT&T rules out bid for Vodafone

0
590

The American operator has ended months of speculation that it will buy Vodafone, with CEO Randall Stephenson confirming it “does not intend to make an offer”

American telecommunications company AT&T has confirmed it will not try and buy Vodafone, ending months of speculation.

AT&T CEO Randall Stephenson was forced to confirm AT&T’s intentions after the UK Takeover Panel – which supervises mergers and acquisitions to ensure fair treatment of shareholders – asked it to.

In a statement to the stock exchange today (January 27), Stephenson said “At the request of the UK Takeover Panel, AT&T confirms that it does not intend to make an offer for Vodafone.”

UK rules on takeovers mean AT&T must now wait six months before it can change its mind and make an offer – unless another company makes a bid for Vodafone.

The announcement, which saw Vodafone shares fall six per cent, ends months of speculation which began in October when Stephenson said he saw a “huge opportunity” to invest in mobile broadband in Europe.

NO COMMENTS

LEAVE A REPLY