UK cable company NTL and Virgin Mobile have unveiled details of a £919 million takeover deal which would see top shareholder Sir Richard Branson take less than other investors.
The billionaire entrepreneur could, however, see his Virgin brand adorn the combined group, which would be the UK's first company to offer quadruple-play services spanning cable TV, fixed-line telephones, mobile and Internet.
Under NTL's revised takeover proposal, Virgin Mobile's shareholders could exchange each share for 372 pence in cash or 0.09298 NTL shares, or a mix of NTL shares and convertible stock known as a "redeemable unit" plus 67p in cash.
Virgin Group, which owns a 71.3 percent stake in Virgin Mobile, has indicated to NTL its intention to accept the third option.
Each redeemable unit is described as "units of Class B stock of a subsidiary of NTL stapled to convertible redeemable preferred stock of NTL".
Sir Richard is set to receive a total of about 349 pence per share.