XSNI to be acquired by Liberty Surf and we are not going to like it:
biz.yahoo.com
Thursday March 2, 9:38 am Eastern Time
Company Press Release
Liberty Surf Group S.A. to Acquire the X-Stream Network Inc.
PARIS, FRANCE and LONDON--(BUSINESS WIRE)--March 2, 2000--Liberty Surf Group S.A. and The X-Stream Network Inc. (OTC BB:XSNI - news) today announced that they had entered into a merger agreement pursuant to which Liberty Surf will acquire all of the outstanding shares of common stock of X-Stream.
This merger brings together two leading providers of free Internet access in France and the United Kingdom (X-Stream also has start-up operations in Scandinavia and the Netherlands). Liberty Surf was founded in April 1999 by a group of shareholders including Kingfisher plc, one of Europe's leading retailers, and Europ@web, a group created by Bernard Arnault, Chairman of LVMH, to support and accelerate the growth of Internet companies. Liberty Surf currently offers Internet users in France free Internet access, French-language Internet content, Internet tools and services (including free e-mail), e-commerce offerings from local and global online retailers, and bundled telecommunications offers. The X-Stream Network, launched in March 1998, was the U.K.'s first free ISP and also recently launched its services in Norway, Denmark, Sweden and the Netherlands. It offers subscribers a local portal that delivers an integrated offering of country-specific content, a wide selection of e-commerce services, and free e-mail.
The merger agreement provides that following compliance with limited closing conditions relating in particular to regulatory matters, the merger will be completed and X-Stream will become a wholly owned subsidiary of Liberty Surf. X-Stream shareholders (other than Liberty Surf, which currently owns approximately 10% of X-Stream) will receive U.S. $1.26 for each X-Stream share, representing aggregate cash consideration of U.S. $68.35 million. The total valuation of X-Stream on this basis is U.S. $75.35 million. The Board of Directors of X-Stream has unanimously approved the merger and holders of a majority of X-Stream's shares have also approved it. X-Stream shareholders will shortly be sent more detailed information on the transaction and how they can receive the merger consideration.
Contact:
For Liberty Surf Group S.A.
Euro RSCG Corporate
Stephanie Raynaud
33-1-41 34 45 49
www.libertysurf.fr
or
The X-Stream Network Inc.
Dina Brewer
44-870-730-6466 |
