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NEW YORK - Shares of Virgin Media Inc. jumped in early afternoon trading Monday after British newspaper The Observer said four U.S. private equity firms are prepared to make an offer for the British television and telephone company.
The stock rose 70 cents, or 5 percent, to $14.59.
The Observer, based in London, said in its Sunday edition that the Blackstone Group, Cinven, KKR and Providence Equity are ready to offer $6 billion to $7.5 billion for Virgin Media.
The newspaper said it had seen a document entitled "Project Coaxial" which described the offer. Advisers to the firms provide analysis in the document for bid prices ranging from $17 to $22 per share, but no timetable was mentioned, The Observer said.
The document says that investors are looking to capitalize on recent drops in Virgin Media's share price, the paper said.
A call and e-mails to Virgin Media representatives were not immediately returned.
The deal could garner Richard Branson, whose Virgin media group hold 10.5 percent of Virgin Media's shares, about $750 million, the paper said.
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