BT strengthens bid defences with Robey Warshaw hire
LONDON (Reuters) -BT has hired boutique advisory group Robey Warshaw to strengthen its defences against a possible takeover bid, according to a person familiar with the situation, sending its shares up 6%.
The appointment was first reported by Sky News.
Patrick Drahi, a Franco-Israeli telecoms entrepreneur, surprised investors earlier this year when he announced that he controlled 12.1% of BT, making him the biggest shareholder.
Stock in Britain’s biggest broadband and telecoms group hit an 18-month high in June, in the days after Drahi confirmed his stake purchase, but have since steadily declined to a low of 1.35 pounds, before the jump on Tuesday.
At the open on Tuesday it had a market valuation of 13.4 billion pounds ($18.4 billion). BT declined to comment.
($1 = 0.7272 pounds)
Reporting by Kate Holton and Paul Sandle; editing by Michael Holden and David Evans
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