***at&t Drops Bid For T-Mobile***

[pillabachapk]

AT&T said late on Monday afternoon that it had withdrawn its $39 billion takeover bid for T-Mobile USA, acknowledging that it could not overcome opposition from the Obama administration to creating the nation’s biggest cellphone service provider.
The company said in a statement that it would continue to invest in wireless spectrum, but could not overcome opposition by both the Justice Department and the [url="http://topics.nytimes.com/top/reference/timestopics/organizations/f/federal_communications_commission/index.html?inline=nyt-org"]Federal Communications Commission[/url]. It added that American wireless customers “will be harmed and needed investment will be stifled” by the regulators’ decisions.

AT&T had lain the groundwork for its decision in recent weeks, including by withdrawing its proposal for F.C.C. approval and by asking a federal judge to postpone proceedings in a lawsuit filed by the Justice Department. Both regulators have indicated strong opposition to the deal.
Late last month, AT&T also said that it would take a $4 billion accounting charge this quarter to reflect the potential break-up of the deal.

For Mods: http://dealbook.nytimes.com/2011/12/19/att-withdraws-39-bid-for-t-mobile/

[Sastrygaru]

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[Spartan]

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