Virgin Media confirms takeover offer

Virgin Media has announced a "review of strategic alternatives" and confirmed that it has received a takeover bid.

In a statement this afternoon, the cable operator said:

"Virgin Media Inc. announced today that it has received a proposal to acquire 100% of the common stock of the Company. The Company has not engaged in negotiations with the offeror. The proposal is based on public information and is subject to various conditions, including a due diligence examination and a period of exclusivity. The proposal also states that it will be withdrawn if its terms are publicly disclosed.

"Prior to the receipt of the proposal, the Company's Board of Directors had initiated a review with Goldman Sachs of strategic alternatives, including a process for a possible sale of the Company. The proposal will be considered as part of the review. However, there is no assurance that any transaction will occur or, if so, at what price. The Company does not intend to comment further on the process unless and until a definitive agreement is executed or the process is abandoned."

It is understood that private equity group Carlyle has made a bid for Virgin Media that values it in the region of $20bn.