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AT&T breaks silence on Comcast offer
It's a deal, it's a steal...

By John Oates

Published: Thursday 12 July 2001

Michael Armstrong, chairman of AT&T, has given his opinion on the offer of $40bn for his company's cable division.

He promised to look seriously at the offer but suggested the price was too low.
Armstrong said: "Comcast's offer is serious. And we are giving it serious consideration. The question is whether it recognises the right value."

Sources quoted by the FT say AT&T believes the broadband division is worth closer to $70bn.

AT&T board meets next Wednesday to discuss the proposed takeover.