Skip to content
Subscriber Only

Vodafone Rejects $13 Billion Italy Bid From Iliad, Apax

  • British carrier viewed Iliad’s initial proposal as too low
  • Iliad and Apax made offer for 100% of Vodafone Italia business
Updated on

Vodafone Group Plc has rejected an 11.25 billion-euro ($12.9 billion) offer for its Italian unit from a consortium backed by billionaire Xavier Niel’s Iliad SA

The approach was “not in the best interests of shareholders,” Vodafone said in a statement Thursday, which confirmed an early Bloomberg News report it was leaning toward spurning the proposal. It also revealed that Iliad’s approach involved private equity firm Apax Partners LLP as a co-bidder.