Well, it’s not a done deal yet but from the article it seems the wrangling is over… NTL made three different offers for Virgin (cash, NTL shares, or a mixture) and “Branson’s Virgin Group, which owns 71 percent of the mobile operator, has said it will accept an offer of 0.074384 “redeemable units” of NTL stock plus 67 pence in cash for each share held”. This is the third option, and the one which valued Virgin Mobile the least (883 million pounds compared to 940 million pounds in cash). The remaining investors will be able to accept the same terms as Branson, or go for 372 pence per share or 0.09298 NTL shares per Virgin Mobile share…but they’ll have to take something. There are still preconditions that have to be met, but it seems Virgin Mobile will become part of NTLs offering — except that NTL is likely to rebrand under the Virgin name.
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