Virgin Media confirms $11.5b buyout offer

Virgin Media received a buyout offer worth as much as $11.35 billion, people familiar with the deal, quoted by an Associated Press report, said.

The Associated Press report also said the news sent shares in the British telecommunications company to a new one-year high.

But, underscoring the delicate nature of the proposal, Virgin Media would not name its suitor and said the deal would be scrapped if it even disclosed the potential terms, the Associated Press report said.

The offer of between $30 to $35 per share was made by the Carlyle Group, a Washington-based private-equity firm, according to people who spoke only on the condition that they not be identified because they were not authorized to do so publicly on the matter, the report said.

Virgin also has roughly 6 billion pounds ($12.1 billion) of debt, it added.

Virgin Media would say only that the offer came after it began a review with Goldman Sachs to explore 'strategic alternatives,' including a possible sale, the report further said.

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