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Comcast, AT&T in talks?
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August 2, 2001: 1:31 p.m. ET
Comcast president called AT&T CEO Armstrong in bid to relaunch talks
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NEW YORK (CNNfn) - Comcast Corp. President Brian Roberts called AT&T Corp. CEO C. Michael Armstrong earlier this week in a bid to restart negotiations between the two firms, a source familiar with the negotiations told CNNfn.com.
It was unknown how the discussions between Roberts and Armstrong went, the source said. But Roberts said Wednesday he hopes to start discussions between the firms "soon."
Armstrong agreed to the talks only after Comcast executives signed a confidentiality agreement, press reports said Thursday. Such an agreement, typical in an auction process, prevents Comcast from discussing AT&T's financial information.
But Roberts is uncomfortable with the agreement and some insiders think it is the "standstill" which is causing the executive to balk. The condition prevents an acquirer – in this case, Comcast (CMCSK: up $0.34 to $38.39, Research, Estimates) – from attempting a hostile bid if it is rejected.
In mid-July, AT&T Corp. unanimously rejected Comcast unsolicited $44.5 billion offer for AT&T's cable unit, opening the door to other potential bids. Since then, AT&T has entertained overtures from various firms, which may include AOL Time Warner, parent of CNNfn.com, and Walt Disney Co.
However, Comcast looks committed to its bid for AT&T Broadband business. "Comcast's goal is to provoke a dialogue between two companies," a source said.
Comcast declined to comment, while AT&T (T: up $0.49 to $20.79, Research, Estimates) could not be reached for comment. 
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