NTL to outline £5bn ITV offer

 

FT November 10 2006 22:03

NTL is expected to outline a £5bn-plus ($9.5bn, €7.4bn) takeover proposal to ITV this weekend, offering a cash bid to the broadcaster’s long-suffering shareholders while also providing an equity alternative to limit the increase in the cable company’s debt burden.

The planned meeting between advisers is expected to clarify that NTL would offer a premium to ITV’s share price. ITV’s shares, which stood at 105.5p before news of the approach leaked out, closed down 1p at 111p on Friday, valuing it at £4.3bn excluding almost £1bn of debt.

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