Scrappy French ISP Iliad may have a lot in common with U.S. carrier underdog T-Mobile, but they certainly don’t see eye to eye when it comes to acquisition negotiations. After seeing two offers rebuffed, Iliad is giving up its bid to acquire a majority stake in T-Mobile US, leaving the country’s No. 4 mobile operator with no remaining suitors.
After the T-Mobile board rejected Iliad’s first offer to buy a 56 percent stake in the company this summer, Iliad said it upped its bid 67 percent of the company. Iliad claims the deal would have valued T-Mobile at $36 per share, but part of that amount came in the form of “value creation” inherent in the merger – math that T-Mobile’s board and majority owner Deutsche Telekom have questioned.
According to an Iliad Group statement, it is putting “an end to its project of acquiring T-Mobile US, following exchanges with Deutsche Telekom and selected board members of T-Mobile US who have refused to entertain its new offer.”
Sprint dropped its pursuit of T-Mobile in August, and though there’s been a lot of speculation that Dish Network might now be interested in the carrier, T-Mobile currently has no public offers on the table.