News 2005
Virgin Mobile Holdings (UK) plc Response to speculation re possible offer by ntl Incorporated (“ntl”)
08/12/2005
Not for release, publication or distribution into Canada, Australia or Japan
Following its rejection last night of the potential offer announced by ntl on 5 December 2005, the Independent Board1 of Virgin Mobile Holdings (UK) plc (“Virgin Mobile”) notes speculation in the press today regarding the potential offer.
The Independent Board confirms that, in reaching its decision, it only considered the 323p per share potential offer price announced by ntl. It did not consider any other price, nor did it solicit any other price.
The Independent Board reiterates that it in reaching its decision to reject ntl’s approach, it considered the matter carefully, mindful of its duty to maximise value for all shareholders.
The Independent Board concluded that the potential offer materially undervalues Virgin Mobile.
Enquiries:
Finsbury
James Murgatroyd or Don Hunter
+44 (0)20 7251 3801
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.
