NTT DoCoMo Inc., which owns a 16-percent stake in AT&T Wireless Services Inc., said it has agreed to a temporary waiver of its consultation rights under its investor agreement in the U.S.-based carrier to be notified of and receive information regarding any proposed transaction that may affect DoCoMo’s interest in AT&T Wireless.
DoCoMo noted the waiver was made pursuant to a request from AT&T Wireless’ board of directors to implement a process to solicit proposals regarding the sale of the company, and the Japanese telecommunications giant may submit an acquisition proposal to acquire the remaining shares of AT&T Wireless. DoCoMo added that it entered into the agreement to preserve a “broad set of options and has not made any decision to make any proposal to AT&T Wireless at this time.”
AT&T Wireless’ board of directors announced last week that it was considering strategic alternatives for the carrier including the possible sale of the company and was reported to have received offers from Cingular Wireless L.L.C. and DoCoMo, though analysts don’t expect DoCoMo to seriously pursue an acquisition.
Cingular’s parent company SBC Communications Inc. refused to comment on a possible deal for AT&T Wireless during its fourth-quarter financial results conference call, but noted the telecommunications provider would prefer to raise funds for any acquisitions through the debt markets though it would be willing to “tolerate dilution” of its stock “to get the right opportunities done.”
Additional companies interested in AT&T Wireless are reported to include Nextel Communications Inc. and Vodafone Group plc.
