Stockmarket

BT strengthens bid defences with Robey Warshaw hire


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© Reuters. FILE PHOTO: British Telecom (BT)’s headquarters is seen in central London, Britain May 10, 2018. REUTERS/Hannah McKay/File Photo

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LONDON (Reuters) -BT has hired boutique advisory group Robey Warshaw to strengthen its defences against a possible takeover bid, according to a person familiar with the situation, sending its shares up 6%.

The appointment was first reported by Sky News.

Patrick Drahi, a Franco-Israeli telecoms entrepreneur, surprised investors earlier this year when he announced that he controlled 12.1% of BT, making him the biggest shareholder.

Stock in Britain’s biggest broadband and telecoms group hit an 18-month high in June, in the days after Drahi confirmed his stake purchase, but have since steadily declined to a low of 1.35 pounds, before the jump on Tuesday.

At the open on Tuesday it had a market valuation of 13.4 billion pounds ($18.4 billion). BT declined to comment.

($1 = 0.7272 pounds)

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