Interesting article. Thank you Steve.
I was not aware of the merger of ICGX and Netcom. ICGX traded around 28 before the merger with Netcom (Jan 1, 1998). Today they are at 41 7/16.
Latest Press Release:
biz.yahoo.com
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New Generation Communications Company
to Provide Single Source for High-Speed Internet Services and Low-Cost Dial Tone for Businesses
ENGLEWOOD, Colo. and SAN JOSE, Calif., -- ICG Communications, Inc. (Nasdaq: ICGX) ("ICG"), one of the nation's largest competitive local exchange carriers, and NETCOM On-Line Communication Services, Inc. ("NETCOM"), a leading provider of Internet services, announced today the completion of their merger. Both ICG and NETCOM stockholders approved the combination. Under the terms of the merger, NETCOM stockholders will receive a fixed exchange ratio of 0.8628 shares of ICG common stock for each NETCOM share held.
"We are pleased that the stockholders of both ICG and NETCOM strongly supported this merger," said J. Shelby Bryan, president and CEO of ICG. "This combination creates a powerful facilities-based telecommunications company and positions ICG as a single source provider of premier telecommunications services ranging from local dial tone and long distance to Internet access and Web page hosting."
Chairman and CEO of NETCOM David Garrison said, "This merger represents a solid strategic fit. NETCOM's expertise in Internet and data services, combined with ICG's state-of-the-art fiber-optic networks and innovative voice communications solutions, means more choices for our customers."
NETCOM is one of the leading Internet service providers in the country and at December 31, 1997 was providing service to approximately 540,000 customers and over 12,000 professional businesses. NETCOM's preliminary unaudited revenue and EBITDA for the fourth quarter ended December 31, 1997 were approximately $40 million and $.5 million, respectively.
ICG has extensive switched fiber-optic networks and offers local, long distance and enhanced telephony and data services in California, Colorado, the Ohio Valley and parts of the Southeastern United States. ICG is a leading national competitive local exchange carrier (CLEC) publicly traded on the Nasdaq National Exchange under the symbol "ICGX." Following completion of the merger on January 21, 1998, NETCOM shares will no longer be publicly traded. Further information is available on ICG's Website located at icgcomm.com. |
