News 2005
Virgin Mobile Holdings (UK) plc Rejection of possible offer by ntl Incorporated (“ntl”)
08/12/2005
The Board1 of Virgin Mobile Holdings (UK) plc (“Virgin Mobile”) has today unanimously rejected the potential offer, which was announced by ntl on 5 December 2005.
Mindful of its duty to maximise value for all shareholders, in reaching this decision the Board has carefully considered the potential offer and consulted with Virgin Mobile’s major independent shareholders. The Board has concluded that the potential offer materially undervalues Virgin Mobile.
Enquiries:
Finsbury
James Murgatroyd or Don Hunter
+44 (0)20 7251 3801
The Board of Virgin Mobile accepts responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Board of Virgin Mobile, who have taken all reasonable care to ensure that this is the case, such information is in accordance with the facts and does not omit anything likely to affect the import of such information. This announcement does not constitute an offer or invitation to purchase or subscribe for any securities.
Morgan Stanley & Co. Limited (“Morgan Stanley”) is acting for Virgin Mobile in connection with the possible offer and no-one else and will not be responsible to anyone other than Virgin Mobile for providing protections afforded to clients of Morgan Stanley or for providing advice in relation to the possible offer.
1The representative of Virgin Mobile’s majority shareholder has absented himself from discussions in relation to the potential offer and is accordingly excluded from the acceptance of responsibility set out above.
