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France's Iliad Abandons Efforts to Buy T-Mobile US

Iliad said it was willing to up its bid to $36 a share, but even the raised bid garnered little interest from Deutsche Telekom or T-Mobile US board members.

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.

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