AT&T board rejects takeover bid for cable TV business from Comcast

Wednesday, July 18th 2001, 12:00 am
By: News On 6

NEW YORK (AP) _ AT&T Corp. rejected a $40 billion takeover bid for its cable TV business Wednesday from Comcast Corp.

After a board meeting in Denver, AT&T said Comcast's proposal ``did not reflect the full value of AT&T Broadband,'' the huge cable operation AT&T built in recent years through expensive acquisitions.

AT&T said the vote by the board of directors was unanimous.

At the same time, however, AT&T said it has decided to delay mailing a proposal to shareholders seeking approval for the next step in a breakup plan that would spin off the cable division as an independent company.

A Comcast spokesman did not immediately return a call seeking comment.