Vodafone, Cingular bid for AT&T

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CELLULAR SERVICE: Vodafone's decision to bid for AT&T Wireless puts pressure on Cingular, which had been favored by analysts to win control of the company

NY TIMES NEWS SERVICE
Tuesday, Feb 17, 2004,Page 12

A bidding war erupted Sunday for control of AT&T Wireless as Vodafone, based in Newbury, England, and Cingular Wireless, a joint venture of BellSouth and SBC Communications, submitted new bids that could value the company at more than US$37 billion or about US$14 a share, executives close to the negotiations said.

AT&T Wireless was still negotiating with both companies Sunday evening and a decision to accept one of the offers was expected as early as yesterday, the executives said.

The decision by Vodafone, the world's largest cellular telephone operator, to raise its offer on Sunday and participate in what appears to be a rapid-fire auction puts pressure on Cingular, which had long been favored by investors and analysts to win control of AT&T Wireless. The new bids, executives said Sunday, came after Vodafone and Cingular submitted similar offers on Friday night, both worth about US$35 billion dollars, or nearly US$13 a share.

http://www.taipeitimes.com/News/worldbiz/archives/2004/02/17/2003099117