France's Iliad drops bid for a majority stake in wireless carrier T-Mobile US

IndustriesAssociated Press

French telecom company Iliad SA says it has dropped its bid to buy a majority stake in wireless carrier T-Mobile US.

Iliad, which is smaller than T-Mobile, made a surprise offer of $15 billion for a 57 percent stake in T-Mobile in July. At the time, Sprint Corp. was also interested in buying T-Mobile, but Sprint later dropped its pursuit after concluding it would have been too difficult to convince regulators to approve the deal.

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Iliad said Monday that it dropped its bid after Deutsche Telekom, which owns 67 percent of T-Mobile, and board members of T-Mobile, declined to entertain a new offer. It was offering about $36 per share for 67 percent of T-Mobile US, up from $33 per share for a 57 percent stake.

T-Mobile could not immediately be reached for comment.