NEW YORK-AT&T Wireless Services Inc. has reportedly set a Feb. 13 deadline for companies interested in submitting bids to acquire the nation’s third-largest wireless carrier, according to a filing with the Securities and Exchange Commission. The company expects to have until Feb. 29 to evaluate final offers, according to published reports.
According to a report in the Wall Street Journal, AT&T Wireless’ investment banker Merrill Lynch & Co. sent a letter outlining the timeframe to a number of potential suitors, including Cingular Wireless L.L.C.’s parent companies SBC Communications Inc. and BellSouth Corp., current minority shareholder NTT DoCoMo Inc., Nextel Communications Inc. and Vodafone Group plc.
DoCoMo, which has representation on AT&T Wireless’ board of directors due to its 16-percent stake in the carrier, announced yesterday an agreement to temporarily remove its right to hear about the proposed transaction. Analysts noted the deal would allow DoCoMo to make its own bid for AT&T Wireless and remove any concerns about a potential conflict of interest.
Vodafone Chief Executive Arun Sarin refused to comment earlier today on whether the telecommunications giant was planning to bid for AT&T Wireless, noting the company would do what was in the best interests of its shareholders. Vodafone owns a 45-percent stake in Verizon Wireless, but has options beginning later this year that would force Verizon Communications Inc. to buy Vodafone’s interest.
