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. Last Updated: 07/27/2016

BT Seen in Esat Bid

LONDON -- British Telecommunications PLC plans a $2.1 billion "white knight" bid for Ireland's Esat Telecom Group PLC to counter a hostile offer by Norway's state-owned Telenor AS, Britain's Sunday Times reported. "Talks are at an advanced stage," the paper quoted a source close to BT saying. "We should formalize an agreement within 10 days."

The paper said BT would probably pitch its offer around $95 per American Depositary Share topping Telenor's latest $85 bid, which values the company at $1.9 billion. Esat's ADSs closed at $91 1/8 on New York's Nasdaq exchange Friday.