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NTL drops plan to bid for ITV
Cable firm NTL Inc said today it had no plans to make an offer for ITV after Britain's biggest commercial broadcaster rejected its £4.7 billion bid proposal last month.
"NTL announces that it has no present intention of making an offer for ITV, as it believes a transaction between ITV and NTL is unlikely to be attained on terms acceptable to NTL," the company said in a statement.
NTL also confirmed it had complained to competition regulators about pay TV firm BSkyB's move to buy a 17.9 per cent stake in ITV.
