Virgin Mobile snubs first NTL bid

BBC NEWS reports that the board of Virgin Mobile has "rejected the £817m ($1.4bn) takeover offer from NTL, saying it undervalued the company." Analysts thought Virgin was hoping NTl would come back with a higher offer or rival bidders would come forward.

Charter Equity Research analyst Ed Snyder said, "Virgin is trying to start a bidding war by rejecting the offer on the premise that the price isn't right rather than saying the company is not for sale."