AT&T drops bid for T-Mobile USA
AT&T has announced it is no longer going to try and buy T-Mobile USA.
US telecommunications company AT&T has announced it is dropping its bid for T-Mobile USA after business negotiations did not swing in its favour.
The company's plan to acquire Deutsche Telekom's US arm was apposed by the Federal Communications Commissions and the Department of Justice out of fear the deal could lead to decreased competition in the industry.
At first, the firm said it would continue to pursue its plans, with chief financial officer John Stephens saying at a recent UBS Conference on Global Media in New York City further moves to push for the merger would be made.
Yesterday (December 19th), AT&T confirmed the acquisition had been scrapped, but chairman and chief executive officer of AT&T Randall Stephenson made it clear he still felt it would have been better to allow the buyout to go ahead.
"The mobile internet is a dynamic industry that can be a critical driver in restoring American economic growth and job creation, but only if companies are allowed to react quickly to customer needs and market forces," he stated.
Posted by Ken Hayes
Source: AT&T press release, December 19th