NTL has increased its offer for Virgin Mobile from 323p per share to 372p per share.

Just days ago, the potential tie-up between Britain's biggest cable operator and the telco was in crisis; Reuters reported on Monday that talks between the two companies had "stalled."

Today, the news service reported that the bid has been "conditionally approved" by Virgin Mobile's board. It is thought that as a further compromise, Sir Richard Branson - who owns 72% of Virgin Mobile - has agreed to receive less than Virgin Mobile's board and other minority shareholders.