What else was to be expected, after rival BSkyB took an 18 percent stake in ITV…ITV said there was little, if any, strategic logic for it to combine with NTL, which was offering 105 pence in cash and new NTL shares worth 17 pence for each ITV share. “The board believes that whereas there is obvious appeal to NTL in gaining control of ITV’s substantial and successful business, from ITV’s perspective there is little, if any, strategic logic for ITV to combine with NTL,” ITV said in a statement.
NTL offered to pay 122 pence — 105 pence in cash and new shares worth 17 pence each. ITV said NTL’s proposed offer “materially undervalues” the company. BSkyB paid 135 pence per share for its stake.
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