Virgin Media Drops as Credit Suisse Offers 7.1 Million Shares
Virgin Media Inc. (VMED) dropped after Credit Suisse Group AG offered to sell 7.1 million shares to clients, according to a document obtained by Bloomberg News.
The stock slumped 0.8 percent to $22.16 at 4 p.m. New York time as the Dow Jones Industrial Average posted its biggest rally since March 2009, jumping 4.2 percent. Virgin Media’s trading volume rose to 10.8 million shares, compared with the three-month daily average of 5 million. The U.K.’s second- largest pay-television company has dropped 19 percent this year.
Credit Suisse offered the shares for $22 each, according to the document sent to clients of the Zurich-based firm.
Phil Rudman, a spokesman for New York-based Virgin Media, didn’t respond to a request for comment. Karen Laureano- Rikardsen, a spokeswoman for Credit Suisse, declined to comment.
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