Virgin Mobile's independent directors rejected the original bid of £817 million ($1.4 billion), taking the view that NTL's bid "undervalued the business". Sir Richard Branson reportedly expressed confidence that a re-structured deal could go ahead, and in January 2006 NTL increased its offer to £961m (372p per share). On 4 April 2006, NTL Incorporated announced a £962.4m recommended offer for Virgin Mobile. According to reports, Branson accepted a mix of shares and cash, making him a 10.7% shareholder of the combined company.