LONDON, Aug. 7 (UPI) -- The volatile credit market forced the delay of an auction expected to value debt-riddled Virgin Media at $23 billion, the British cable operator said.
Virgin Media said its advisers recommended the delay until interested parties "could complete proposals in a more stable debt market environment," The Financial Times reported Tuesday.
At least 10 private equity groups reportedly sought information on the company, as well as some cable operators.
The day before the original deadline for offers, Virgin Media said "potential strategic and financial counter-parties had continued to confirm a strong ongoing interest" in a business transaction since an initial approach -- reportedly by Carlyle Group -- of between $32 and $33 per share last month.
The proposed buy-out could be Britain's largest. Analysts earlier expressed concern about bidders being able to raise the necessary capital because of the unstable credit markets, the British newspaper reported.
