AT&T Wireless Price Rises

Vodafone and Cingular square off in a multibillion-dollar bidding war.
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Shares of

Vodafone

(VOD) - Get Report

weakened in Europe Monday as details of the bidding war for

AT&T Wireless

(AWE)

circulated.

According to reports Monday, both Vodafone and Cingular, the joint venture of

SBC

(SBC)

and

BellSouth

(BLS)

, have offered roughly $35 billion for AT&T Wireless, the No. 3 U.S. wireless operator.

Two other reputed suitors,

NTT DoCoMo

of Japan and

Nextel

(NXTL)

, declined to make competing bids.

Vodafone, which had already lost about 7% of its market value since the bidding began, slipped another 5% in London Monday morning as concerns grew about the proposed deal's price. The $35 billion offers come out to roughly $13 a share, implying a near doubling for AT&T Wireless' shares since as recently as mid-November, before the company formally put itself up for sale via the current auction.

Both Vodafone and Cingular were weighing bids in the neighborhood of $38 billion, according to

The Wall Street Journal

. AT&T Wireless has given itself a two-week deadline to consider the competing bids.