French telecom Iliad has decided to end its efforts to acquire T-Mobile, announcing today that parent company Deutsche Telekom and members of T-Mobile's board "have refused to entertain its new Offer."
Illad had first announced plans to offer $15 billion in cash for 56.6 percent of T-Mobile in July, which was quickly refused by the company. Illad announced earlier in October a plan to increase its offer, which would have seen it take a 67 percent stake in T-Mobile at $36 a share.
Today, Illad said:
"Iliad had the ambition to accelerate T-Mobile US' transformation, notably by saving more than USD 2 billion of cost annually. This transaction would have created significant value for both Iliad's and T-Mobile US' shareholders. The Iliad Group will continue its profitable growth policy as it has been conducted over the last 15 years in the interest of its subscribers, employees and shareholders.
So far, T-Mobile has yet to respond to Illad's decision. What do you think of Illad bowing out of their plans?
Source: Illad via MC Cobb on Twitter
