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French carrier Iliad said Monday it is giving up on plans to acquire T-Mobile US, following discussions with majority owner Deutsche Telekom and the T-Mobile US board.
“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.
Iliad announced its initial bid for T-Mobile US in July. It had planned to up its bid to roughly $36 per share, but neither Deutsche Telekom or the T-Mobile US board appeared interested.
Iliad said it could have saved $2 billion in annual costs through a merger.
(If the name Iliad still doesn’t ring a bell, check out this story.)
This article originally appeared on Recode.net.
