07-08-2007, 02:42 PM
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 Virgin Media gives buyers more time
Virgin Media has extended its August 8 deadline for receiving takeover offers.
The company's financial advisers have recommended that the company extends the deadline "until these parties can complete their proposals in a more stable debt market environment." Second round bids are expected some time later this month.
In a statement the company said: "Virgin Media announced on July 2 that it had received a proposal to acquire 100% of the common stock of the company and that it would consider the proposal as a part of its review of strategic alternatives, including a process for a possible sale of the company."
"As a consequence of this review and the resulting process, potential strategic and financial counterparties have continued to confirm a strong ongoing interest in a transaction."
"To enhance shareholder value, Virgin Media's financial advisors have recommended that Virgin Media extend the process until these parties can complete their proposals in a more stable debt market environment."
A number of private equity firms interested in purchasing Virgin have reportedly had difficulty raising the £11.36 billion required. Private equity firm Providence and cable operator Liberty Global have both been linked to the sale.
Virgin Media hired Goldman Sachs last month to evaluate offers after the Carlyle Group made a £5.3 billion bid for the company.
The company is due to publish its interim results tomorrow afternoon.
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