T-Mobile has rejected Iliad’s initial offer to buy the company, reports the Wall Street Journal.
The $15 billion bid for a 56.6% stake in the company was “not attractive enough” and “dead on arrival” according to a source cited by the Journal. T-Mobile also denied Iliad’s request to open its books, which would have been necessary for Iliad to conduct due diligence on T-Mobile.
Iliad’s bid came as a surprise. The company fills a similar role to that of T-Mobile as a competitive game-changer in its home market of France. Another source cited by the Journal said Iliad is considering its next steps, though it is unclear what those steps might be.
Had T-Mobile taken Iliad’s offer seriously, it would have thrown a wrench into Sprint’s long-term plans to acquire T-Mobile.
