Virgin delays auction

As predicted Virgin Media is to delay its auction in the hope credit market turbulence will settle to allow private equity suitors to finance bids of up to $23 billion (E16.8bn).

The UK company had set a deadline of next week for initial offers, after an approach by Carlyle kicked off an auction. But its advisers are said to have ditched the timetable, and are expected to inform bidders of a fresh deadline early next week.

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