For-sale sign hung on AT&T Wireless
Published: 22 Jan 2004 15:05 GMT
AT&T Wireless on Thursday confirmed widespread speculation that it is for sale.
Chief executive John Zeglis told financial analysts that the nation's third largest cellphone service provider has received "significant interest from a number of companies." The carrier said in an earlier statement that its board of directors hired financial firm Merrill Lynch and the law firm of Wachtell, Lipton, Rosen & Katz to help review its options.
"AT&T Wireless has decided to explore strategic alternatives," Zeglis said on Thursday during a conference call with financial analysts. "There has been so much interest. It's a flattering affirmation of the growth pattern we're on."
He declined to state a timetable for completing review of the bids. "I can't speculate whether we will make any strategic changes."
The company also postponed a meeting with analysts, now scheduled for 27 January, while it examined the recent interest, it said in a statement.
Various recent news reports identified potential suitors as the United States' Cingular Wireless and Nextel Communications; Japanese carrier NTT DoCoMo; and British giant Vodafone, which is a part-owner of Verizon Wireless.
Analysts believe an AT&T Wireless sale to another US carrier signals the beginnings of a long-awaited consolidation of America's hypercompetitive cellphone market.
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