Carlyle Group is believed to be considering an offer of about $32 per share for Virgin Media, raising the prospect of a $22bn (£11bn) bidding contest for the UK cable company.

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Andrew Edgecliffe-Johnson on the prospect of a $10bn sale

Virgin Media on Monday confirmed it had received “a proposal”, understood to be from Carlyle, to take full control of the US-listed group. The news sent its shares up 19 per cent to $29 by early afternoon in New York.