Idea Cellular and Spice Communications call off proposed merger
July 15, 2007
The merger between Idea Cellular and Spice Communications has reportedly been cancelled due to disagreements over pricing. According to sources, if Bharti Airtel's valuation is taken as the benchmark, Spice would command a valuation of about $1 billion. But Spice had reportedly quoted a price of $1.3 billion. Idea Cellular was not satisfied with the valuation.
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