At that time, ntl claimed that the offer undervalued the business, which, the company said, would be able to provide better value to shareholders by remaining an independent concern.
According to the newspaper article, disgruntled investors will demand to know why last year's $32-a-share bid was rejected out of hand. They will also insist that ntl seriously considers all future approaches.
The Times goes on to report that the latest bid is dependent on the cable company's share price falling below its current $24.42 level set by Wall Street—the same as when the merger with Telewest was finalised.
Lovelace Consulting | 16.08.2006