BT Group reportedly hired investment bank Robey Warshaw in what was claimed to be an attempt to bolster defences against any attempted takeover bid from shareholder Altice UK.
Sky News revealed the move, which comes after BT employed Goldman Sachs for similar reasons in 2020 as its share price plummeted in the wake of the Covid-19 (coronavirus) pandemic.
The news outlet noted the banks would work in tandem following the latest appointment.
Altice UK bought a 12.1 per cent stake in UK incumbent BT in June for around £2 billion, making it the operator’s largest single shareholder with a marginally larger stake than Deutsche Telekom.
On announcing the investment, Altice owner Patrick Drahi said he fully backed BT’s strategy and management.
Sky News claimed the BT board have been training for a number of potential scenarios, including Altice launching a full takeover bid, or demanding the spin-off of its fibre infrastructure or consumer divisions.
The news outlet added Altice’s share buy came alongside a commitment not to launch a takeover bid, which expires in December.