Virgin asks for first bids

[BGonaSTICK]

Cable operator Virgin Media has asked for initial expressions of interest by the first week of August as it seeks to kick off an auction for the company. Virgin said on July 2 it had received a bid approach that was reported to be from private equity firm Carlyle Group. Since then up to 10 other suitors have expressed interest, some of whom are likely to team up with each other.

Private equity firms Providence Equity Partners, Blackstone Group Cinven and Kohlberg Kravis Roberts are considering a joint bid, while TPG and Apax Partners are also interested, reports say. It is also said U.S. companies Comcast, Liberty Media, Time Warner, and Viacom are also interested. The operator's Nasdaq-listed shares have risen more than 23 percent since the announcement.