Shares of Virgin Media (VMED) recently spiked, with stock now up 18%, after The Wall Street Journal said its proposed deal with Liberty Global (LBTYA) was “close” and David Faber said�the companies’ respective boards boards had approved the pact:
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From WSJ:
Liberty Global will pay for the deal using a mix of cash and its stock, according to people familiar with the matter, who added that the two sides have held on again-off again talks for some time before they finally gelled in recent weeks. Final terms of the deal have yet to be agreed, one of the people cautioned.
The boards of the two companies were meeting to discuss the deal, which could be announced Tuesday, according to these people and others familiar with the proposed transaction.
Virgin Media, the U.K.’s No. 2 pay TV operator with close to five million customers, confirmed Tuesday that it is in talks with Liberty Global “concerning a possible transaction,” without detailing what form any deal would take.
Liberty’s stock is down roughly 2% at the latest.
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