By Marguerite Reardon – AT&T said today that it has withdrawn its bid to acquire T-Mobile USA in a deal worth $39 billion.
The company said it would take a $4 billion charge in the fourth quarter as part of the break-up fee with Deutsche Telekom.
There had been much speculation about how long AT&T would fight to keep its deal with T-Mobile alive. In August, the U.S. Department of Justice sued to block the merger. And in November the Federal Communications Commission indicated it opposed the merger as well. In both cases, the Justice Department and the FCC said that the merger between the second largest and fourth largest wireless phone companies in the U.S would harm competition. The FCC went as far as to say in its report of the merger that the deal would result in massive layoffs and would not be in the public interest. more> http://is.gd/m5YrkV
Related articles
- AT&T Has Few Weapons for Verizon Fight After T-Mobile Bid ↑
- FCC deals serious blow to AT&T and T-Mobile deal ↓
- Deutsche Telekom $3 Billion Breakup Fee From AT&T Buys Time for T-Mobile, Cornelius Rahn, Bloomberg
- AT&T-T-Mobile USA Merger Foes Welcome Failure of Derided Takeover Deal, Olga Kharif, Bloomberg
- AT&T’s Failed Takeover Is Goldman Sachs’s Gain as Lead in Global M&A Widen, Elizabeth Wollman, Bloomberg
- AT&T and T-Mobile: Democracy Wins, So What’s Next? Sascha Segan, Sascha Segan, PCMag.com
- Deutsche Telekom could be forced into arms of Sprint, Maria Sheahan, Reuters
- AT&T abandons T-Mobile merger (thehill.com)
- AT&T Dropping Its T-Mobile Bid, Owes Billions to Deutsche Telekom (allthingsd.com)
- Who didn’t see that coming? AT&T swallows $4 Billion dollar pill, ends bid for T-Mobile. (saintel.wordpress.com)
- AT&T drops bid to acquire T-Mobile USA (marketwatch.com)
- AT&T Abandons T-Mobile Merger (techdailydose.nationaljournal.com)
