KPN boss rules out more cash for mmO2 bid

KPN boss Ad Scheepbouwer has reportedly ruled out an increased offer for mmO2.

He said in an interview with the Financial Times that any deal is "off the table" and that "there is no way that the value that I apply today will be different tomorrow".

mmO2 shares had a little leap last week on rumours that either KPN would increase its bid or that another telco would join in the bidding.

Late last month the company rejected an offer from KPN thought to be between 105p and 110p per share, valuing the company at about £10bn. mmO2 shares opened in the 106p to 107p range on the London Stock Exchange this morning.

The report claims Scheepbouwer is disappointed that his attempt to move into another major European phone market will have to wait. But he appears to have drawn a line under the move.

He said: "But for us, it's now over. We go back to running the company as normal."

Last week KPN announced plans to buy back £500m of its own shares.