Also this news out today:
PSINet Gains iSTAR Shareholder Support for Acquisition With 69% Secured; Deposit Period Extended to Purchase Common Shares of iSTAR Internet Inc.
PR Newswire - January 28, 1998 13:07
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TORONTO, Jan. 28 /PRNewswire/ -- PSINet Inc. (Nasdaq: PSIX) announced
today that approximately 69 percent (%) of the common shares of iSTAR internet
inc. (being approximately 21.7 million common shares) were validly deposited
under the PSINet Offer dated January 6, 1998 for the outstanding common shares
of iSTAR. Further, notices of guaranteed delivery have been received to date
for approximately 1 million additional common shares. These additional
shares, if received, will bring the total number of iSTAR common shares taken
up by PSINet to approximately 72% of the outstanding common shares. All of the
conditions under the Offer have been satisfied. All of the approximately
21.7 million deposited shares have been taken up and paid for by PSINet.
By notice to Montreal Trust Company of Canada, the depositary under the
Offer, PSINet has extended the time during which the Offer is open for
acceptance from 12:01 a.m. (Vancouver time) on January 28, 1998 to 12:01 a.m.
(Vancouver time) on February 10, 1998.
On December 24, 1997 PSINet revised its initial offer to make an all-cash
offer of approximately CDN $22 million, or CDN $0.75 per share, for iSTAR
internet inc. (TSE: WWW). The modified offer was subject to the tender of at
least 51% of the outstanding shares, there not being a prohibition at law
against PSINet acquiring all shares tendered in Canada, and the exercise or
cancellation of all outstanding warrants and options.
"The support of shareholders demonstrates their confidence in PSINet and
our ability to be Canada's largest Internet Service Provider," said Nadir
Desai, president PSINet Limited, PSINet's wholly-owned Canadian subsidiary.
"We are committed to providing all our customers with the highest quality
technical and customer service, and are proud to be extending PSINet's
offerings across the country."
About PSINet
PSINet is a leading provider of turn-key corporate Internet and intranet
access, managed security services, electronic commerce solutions and Web
hosting services throughout the United States and abroad. PSINet manages one
of the world's largest and most advanced fast-packet networks, which provides
state-of-the-art, high speed Internet access ranging from dedicated high-speed
circuits to ISDN to high-speed modem dial-up. PSINet backs up its state-of-
the-art network with the industry's original service guarantee, employing
automatic back-up systems and crediting for service outages.
Headquartered in Herndon, Va., PSINet has offices throughout the U.S. and
subsidiaries in Canada, Japan and Europe, including Belgium, France, Germany,
the Netherlands, Switzerland, and the U.K. For more information contact
PSINet by phone at 703-904-4100, by e-mail at info@psi.com or by accessing the
corporate World Wide Web site at psi.net.
About iSTAR
iSTAR internet inc. was incorporated in August 1995 and became a publicly
traded company in November 1995. It is Canada's leading Internet solutions
company providing advanced Internet services for businesses, institutions and
individuals. More information on iSTAR can be obtained via the World Wide Web
at istar.ca.
SOURCE PSINet Inc.
/CONTACT: Annie Corboy of PSINet Inc., 416-228-3452, or e-mail,
corboya@psi.com; or Josh Orzech of Hill & Knowlton, 416-413-4642, or e-mail,
jorzech@hillandknowlton.ca, for PSINet/
/Web site: psi.net or istar.ca
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