AT&T Rules out Vodafone Bid, Reserves right to enter bidding
January 27, 2014 1:54 pm
Shares in Vodafone (VOD.L) fell this morning as US telecoms giant ruled out any bid for the company for now. The company had been thought to be interested in a bid for Vodafone after speculating in October that Vodafone may present a great opportunity for entry into the European market.
AT&T was asked to clarify their position after a recent meeting with the European regulators. The statement means AT&T cannot now make a bid for Vodafone within the next 6 months unless they are invited by the company to do so or other parties become interested and start a bidding war.
“AT&T Inc. notes the recent speculation regarding a potential transaction involving Vodafone Group Plc,” the company said.
“At the request of the UK Takeover Panel, AT&T confirms that it does not intend to make an offer for Vodafone. Accordingly, AT&T is bound by the restrictions under Rule 2.8 of the UK Takeover Code.”
“For the purposes of Rule 2.8 of the Code, AT&T reserves the right to announce or participate in an offer or possible offer for Vodafone and/or to take any other action which would otherwise be restricted under Rule 2.8 of the Code within 6 months after the date of this announcement in the circumstances described in note 2 to Rule 2.8 of the Code.”
Shares in Vodafone (VOD.L) fell this morning as US telecoms giant ruled out any bid for the company for now. The company had been thought to be interested in a bid for Vodafone after speculating in October that Vodafone may present a great opportunity for entry into the European market.
AT&T was asked to clarify their position after a recent meeting with the European regulators. The statement means AT&T cannot now make a bid for Vodafone within the next 6 months unless they are invited by the company to do so or other parties become interested and start a bidding war.
“AT&T Inc. notes the recent speculation regarding a potential transaction involving Vodafone Group Plc,” the company said.
“At the request of the UK Takeover Panel, AT&T confirms that it does not intend to make an offer for Vodafone. Accordingly, AT&T is bound by the restrictions under Rule 2.8 of the UK Takeover Code.”
“For the purposes of Rule 2.8 of the Code, AT&T reserves the right to announce or participate in an offer or possible offer for Vodafone and/or to take any other action which would otherwise be restricted under Rule 2.8 of the Code within 6 months after the date of this announcement in the circumstances described in note 2 to Rule 2.8 of the Code.”
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