Liberty Global bid for Cable & Wireless
John Malone's Liberty Global is in talks to take over Cable & Wireless Communications in a cash and stock deal.
In a statement, Cable & Wireless said there is no certainty that an offer would be made.
Cable & Wireless operates communications networks in the Caribbean and Panama and has a market value of more than $4bn.
It competes with Denis O'Brien's Digicel in the Caribbean.
Cable firm Liberty Global owns UPC in Ireland, which has recently been re-launched as Virgin Media, as well as broadcaster TV3 and has the biggest single stake in Britain's ITV, which is in the process of buying UTV.
Irish-American John Malone emerged as a major investor in Ireland following the financial crash.
He bought assets including the Intercontinental, Weston and Trinity hotels in Dublin, and luxury properties including Castlemartin, in Co Kildare, Humewood Castle in Co Wicklow and Ballylinch Stud in Co Kilkenny.