|Court Grants Stay to Put AT&T and T-Mobile Case on Hold|
|Monday, 12 December 2011 05:26|
Adweek : Technology >>
Is AT&T admitting defeat in its $39 billion bid to acquire T-Mobile, or just taking a breather while it figures out another way to structure the merger?
In a terse statement Monday, AT&T and Deutsche Telekom said the companies advised Judge Ellen Huvelle of the U.S. District Court for the District of Columbia that they "wish to stay further Court proceedings until Jan. 18, 2012, to allow the two companies to evaluate all options."
The Department of Justice, which is fighting to block the
merger, joined in the filing. The regulator was set to file Tuesday
to either stay the case or dismiss it.
It's hard to figure just what "options" AT&T has after
Friday's status conference on the case when the DOJ argued that the case should not proceed as is since AT&T had withdrawn its merger application from the Federal Communications Commission. Judge Huvelle questioned AT&T's timetable and tactics, leading many to believe that the case could be delayed, which would be another serious blow to AT&T.
Rather than duking it out with the Department of Justice, which was expected to file a stay tomorrow in the Court proceedings, AT&T and Deutsche Telekom decided to step back and reevaluate the deal. In AT&T's press statement, the companies seem to indicate that they will be looking to restructure the deal.
"AT&T is committed to working with Deutsche Telekom to find a solution that is in the best interests of our respective customers, shareholders and employees. We are actively considering whether and how to revise our current transaction to achieve the necessary regulatory approvals...(Read more)
|Articles You May Like|