The chairman of telephone and cable television giant AT&T Corp. Wednesday said the company would give serious consideration to Comcast Corp.'s $40.5 billion bid for AT&T Broadband, the largest U.S. cable-television operation.

"While we have no current plans to sell our Broadband business, Comcast's offer is serious," AT&T Chairman Michael Armstrong told the Greater Boston Chamber of Commerce.

"It recognizes at least some of the value that we created at AT&T Broadband. Of course, the question is whether it recognizes the right value," Armstrong said. He took no questions at the meeting of business leaders.

Comcast, the No. 3 cable television company, on Sunday announced an unsolicited offer for AT&T Broadband, which has 13.2 million cable subscribers.