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Cingular attempts to buy out AT&T Wireless

A formal bid for an enormous unknown amount has been offered to acquire AT&T Wireless. This cash offer was put in by Cingular Wireless, if approved it would make them the No. 1 U.S. cellphone carrier.

The offer was submitted to the board of directors this past weekend in a meeting, and is currently being discussed today and tommorow in more long meetings. The result could be a possible buy-out for the top spot. Cingular at this time is No. 2 carrier, and AT&T Wireless is No. 3. Verizon Wireless has been the No. 1 carrier for a long time, this would be a huge move for Cingular. If Verizon hasn’t put a bid in yet for AT&T, this would be the best time if any.

Cingular is planning to deploy a nation-wide 3G migration from GSM/GPRS to EDGE. The first EDGE phone for the US was announced last week from Nokia, the 6620.

Update: The new word on the street says European carrier Vodafone may be looking to make a counter offer.

Read more from the source.



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