T-Mobile shares jumped 6% on a report about a buyout bid emerging out of France NEW YORK (CNNMoney)
The news that France's Iliad might be making an offer for T-Mobile quickly ripped through the markets, causing T-Mobile's (TMUS) stock to briefly be halted. It also drove Sprint (S) down 5%, as the wireless company had been rumored to be crafting its own buyout of T-Mobile.
Iliad may have sensed an opening to leap into the world's biggest wireless market.
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According to The Wall Street Journal, Iliad made an offer to take control of T-Mobile less than a week ago.
It's not clear what T-Mobile's response to the bid was nor what the structure of such a deal would look like. The situation is also clouded by the fact that T-Mobile's market cap of about $25 billion dwarfs Iliad's -- around $16 billion.
T-Mobile declined to comment on the report.
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Previous reports indicate Sprint, roughly the same size as T-Mobile, is pursuing a combination with T-Mobile as a way to catch up with industry leaders Verizon (VZ, Tech30) and AT&T (T, Tech30).
However, a Sprint/T-Mobile tie-up would likely be met with scrutiny from regulators, which in 2011 blocked AT&T's attempted buyout of T-Mobile.
First Published: July 31, 2014: 12:24 PM ET
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