ATT said on Monday afternoon that it had withdrawn its $39 billion takeover bid for T-Mobile USA, acknowledging that it could not overcome opposition from the Obama administration to creating the nation’s biggest cellphone service provider.
The company said in a statement that it would continue to invest in wireless spectrum, but could not overcome resistance from both the Justice Department and the Federal Communications Commission. It added that American wireless customers “will be harmed and needed investment will be stifled” by the regulators’ decisions.
ATT had lain the groundwork for its decision in recent weeks, including by withdrawing its proposal for F.C.C. approval and by asking a federal judge to postpone proceedings in a lawsuit filed by the Justice Department. Both regulators have indicated strong opposition to the deal.
ATT said last month that it would take a $4 billion accounting charge this quarter to reflect the potential breakup of the deal.
Article source: http://feeds.nytimes.com/click.phdo?i=f8fa746f2bf01bd55b994033bc4769a7
Speak Your Mind
You must be logged in to post a comment.