French mobile phone company Iliad SA has offered $15 billion in cash, or $33 a share, for a controlling 56.6% stake in T-Mobile U.S, jumping in front of Sprint in its pursuit of the company. The bid sets the stage for a battle between Sprint parent SoftBank, which is said to be working on a bid for T-Mobile of about $40 a share. BMO Capital Markets analyst Kevin Manning said in a note, "We expect T-Mobile to reject the offer, although it should provide a floor to shares. We believe the price is too low and that T-Mobile recognizes the scale potential with Sprint, which doesn't exist with Iliad." TheStreet's Brittany Umar has details from New York.

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