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Monday, October 13, 2014

Iliad drops plan to purchase T-Mobile U.S., (NYSE: TMUS)

French low-cost telecom operator Iliad said on Monday it had abandoned its attempt to purchase T-Mobile US because owner Deutsche Telekom and certain board members had refused to consider its bid. The company had set a mid-October deadline to decide whether to improve its bid or walk away, several people familiar with the situation told Reuters last month."The Iliad group announces that it puts an end to its project of acquiring T-Mobile US, following exchanges with Deutsche Telekom and selected board members of T-Mobile US who have refused to entertain its new offer," Iliad said in a statement.Shares in T-Mobile US fell 3.8 percent to $26.59 after the announcement.

Shares of TMUS fell by 2.9% or $-0.8/share to $26.81. In the past year, the shares have traded as low as $24.90 and as high as $35.50. On average, 5030630 shares of TMUS exchange hands on a given day and today's volume is recorded at 5943042.