AT&T Rules Out Vodafone Bid For Now

AT&T announced in a statement today that it does not intend to make an offer soon for British cellphone company Vodafone. The statement means AT&T can't offer to buy Vodafone or a stake of 30 percent or more in the company for the next six months, according to U.K. takeover rules.

The denial came after speculation during the weekend that AT&T might be looking to acquire Vodafone, which agreed last year to sell its 45 percent stake in Verizon Wireless to Verizon Communications for $130 billion.

"AT&T reserves the right to announce or participate in an offer or possible offer for Vodafone and/or to take any other action which would otherwise be restricted under rule 2.8 of the [UK takeover] code within six months after the date of this announcement," the statement says.

Vodafone shares tumbled 5.4% in late morning trade following the announcement. The stock slid 12.50 pence to 220.05 pence, valuing Vodafone at 104.7 billion pounds ($172.95 billion).

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