Cingular Raises Offer for Rival AT&T; Wireless

Cingular Wireless on Friday raised its offer to buy rival AT&T; Wireless Services Inc., while rival Vodafone Group pored over a potential bid that could value the No. 3 U.S. wireless company at $35 billion, sources familiar with the situation said.

After the bidding deadline passed, details of Cingular’s new offer weren’t available. Sources familiar with the bid said the price topped Cingular’s initial offer of $30 billion, or $11 a share.

It was unclear whether Vodafone had pulled the trigger on its bid, but one source familiar with the talks said the company had mulled an offer as rich as $35 billion, or about $12.50 a share. Vodafone, Cingular and AT&T; Wireless declined to comment.

Redmond, Wash.-based AT&T; Wireless plans to review the bids today and spend the weekend examining details, and a decision could come as early as next week, sources said.

AT&T; Wireless shares hit a 12-month high of $11.98, valuing the group at $32.56 billion. The stock closed at $11.82, up 15 cents, on the New York Stock Exchange.