Ashurst, Fried Frank, Travers scoop NTL/Virgin roles

Ashurst, Fried Frank Harris Shriver & Jacobson and Travers Smith are celebrating after landing roles to advise NTL on its £817m bid for Virgin Mobile.
Virgin Mobile, which floated on the London Stock Exchange last year, confirmed this morning (5 December) that the company has received an approach from NTL. According to reports NTL has made an initial offer of 323p a shares as a mixture of cash and shares.
Ashurst is NTL UK counsel, Fried Frank is US counsel and Travers is advising on tax. Fried Frank is also advising NTL on the financing aspects of the potential tie-up.
Allen & Overy (A&O) is advising Virgin Mobile. The magic circle firm edged aside competition from Denton Wilde Sapte to advise Virgin Mobile on its float last year. Meanwhile, Herbert Smith is understood to have secured a role advising Virgin Group.
A&O and Herbert Smith declined to comment.