Source: Cingular makes offer to acquire AT&T Wireless

<p>Cingular Wireless has made a formal cash offer to acquire AT&T Wireless in a deal that would create the nations largest cell phone carrier, a source close to the deal said Tuesday.</p><p>The offer was submitted to AT&T Wireless board of directors over the weekend, according to the source, who spoke on condition of anonymity.</p><p>The source did not say how much Cingular was offering but said it was entirely in cash.</p><p>A message was left for AT&T Wireless, based in Redmond, Wash., but it was not immediately returned.</p><p>USA Today reported Tuesday, citing unidentified executives at two companies involved in the deal, that Cingulars offer includes a premium over AT&T Wireless closing share price of $9.99 on Friday. Cingular, jointly owned by SBC Communications and BellSouth, is currently the nations second-largest wireless carrier behind Verizon Communications. AT&T Wireless is the third-largest.</p><p>Shares of AT&T Wireless rose 50 cents to $10.49 on the heels of the USA Today report.</p><p>Last week, the stock jumped more than 20 percent amid numerous press reports pointing to a potential bidding war between Cingular and assorted rivals, including Nextel Communications and Vodafone PLC of Britain.</p>

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