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AT&T rejects $53bn Comcast offer

Sounds like a lot of money, but AT&T wants more...

By Will Sturgeon

Published: 19 July 2001 07:30 BST

AT&T has rejected the $53bn bid from Comcast for its cable division.

Cable firm Comcast had hoped a takeover of AT&T Broadband would move it from number three to top spot in the US market. However, AT&T, after the first day of a two day board meeting, said the offer did not reflect the true value of the division and was not the right move for its shareholders.

Prior to Comcast's unsolicited offer AT&T had been planning a four-way split of its operations, already underway following the spinning off of AT&T Wireless. However, the company's plans have now been rocked by the potential value of a sale and as such it is believed the door is still open to Comcast, should the company return with a higher offer.

The Financial Times quotes sources close to AT&T who believe a truer valuation of the company's cable arm would be around $70bn.

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