Spanish cable operator, Ono, has rejected a takeover bid from Vodafone in favour of a £5.8bn initial public offering instead, it has been revealed.
Earlier this week Mobile reported how the UK operator had offered £5.7 billion to the company's private equity owners.
This is understood to have been the second bid made by Vodafone for the firm, which sells fixed, mobile, TV and internet services, after an original offer was rejected.
However, it has been revealed that the Spanish cable operator has decided to push ahead with a £5.8bn initial public offering instead.
The company said in a statement that the board did not discuss any takeover proposals at its meeting on Tuesday night.
The snub to Vodafone will mean Vittorio Colao, Vodafone’s chief executive, (pictured) must decide whether to devote more of his £25bn acquisition fund on Ono.
Vodafone declined to comment on its next move. It faces competition for Ono from Liberty Global, although some analysts believe the American cable giant may have expressed an interest mainly as a spoiler tactic.