The board of directors for AT&T Wireless Services Inc. is exploring the sale of the company, AT&T Wireless officials confirmed Thursday.
Chief Executive Officer John Zeglis told financial analysts during an earnings report that there"s been "much interest" in the company, although company officials declined to name suitors or set a timeline for the sale of the company.
The company also issued a four-paragraph press release saying it has decided to "explore strategic alternatives" due to "significant interest" from a number of companies.
"The board will consider the company"s options and determine the course of action this is in the best interest of its shareholders," the press release said. The company has hired Merrill Lynch & Co. and Wachtell, Lipton, Rosen & Katz, a New York law firm, to evaluate offers, according to the press release.
According to media reports, Cingular Wireless LLC, NTT DoCoMo Inc., Vodafone Group PLC, T-Mobile USA Inc. and Nextel Communications Inc. are all interested in buying AT&T Wireless.
News source: ITWorld - AT&T Wireless officially exploring sale