The British telecoms giant BT Group is preparing itself against takeover bids from rivals and private equity firms after its shares tanked as a result of it suspending its dividend.
Sky News broke the story, saying that BT Group had approached Goldman Sachs to update its bid defence strategy.
The publisher also noted that no formal bid has been made to take over the company as of yet.
BT Group is playing a central role in the UK’s roll out of superfast fibre broadband, having been funded £12bn by the government to ensure 20 million premises around the country can enjoy top speed internet by the end of the decade. The telecoms operator also plays a central role in the nation’s 5G rollout.
BT Group’s decision to cut its dividends came after warnings from the firm that the coronavirus pandemic could seriously hurt the company’s revenues.
The fall of its stock price has made market experts say the company is now exposed for takeover bids.
Sky News’ sources said that several large but unnamed private equity firms are considering making a joint bid for the company.
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