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AT&T Pulls KPNQwest Bid at 11th Hour

AT&T Friday pulled its bid to acquire failing pan-European telecom network KPNQwest at the 11th hour, according to reports.

KPNQwest, founded in 1998 as a joint venture between KPN and Qwest Communications International, provides Internet connections to nearly 100,000 businesses across Europe. But the future of the data services provider has been in doubt since it filed for bankruptcy protection last month, and it has said it would run out of cash Friday.

AT&T had been considered the forerunner in bidding for the ailing communications giant, but it pulled out Friday after determining it did not have sufficient time to complete due diligence before the Friday deadline, according to reports. AT&T had been looking at the KPNQwest assets as a way of extending its global communications network following the failure of Concert, its joint venture with British counterpart BT.

KPNQwest has reportedly received several alternative nonbinding offers for its network, and as many as 40 offers for pieces of the network.