Short? Based on what? Do you generally bring up the
percentage gainers for the day at noon and short based
on that alone?
Did anyone take a break from shorting the stock to read
the news?
ALEXANDRIA, Va., Feb. 3 /PRNewswire/ -- Metrocall, Inc. (Nasdaq: MCLL) today announced that AT&T Wireless Services, Inc., a subsidiary of AT&T Corp. (NYSE: T) has agreed to exchange its current holdings in Metrocall Series C Preferred Stock for Metrocall Common Stock. AT&T Wireless received Series C Convertible Preferred Stock in Metrocall as part of the consideration it received for Metrocall's acquisition of AT&T Wireless' Advanced Messaging Division (AMD) in October, 1998.
"We are exceedingly proud of our current relationship with AT&T. AT&T Wireless stores and kiosks retail Metrocall's wireless data and messaging products on an exclusive basis. In turn, we are an authorized dealer reselling AT&T Wireless' PCS phone services," said William L. Collins, III, president & CEO of Metrocall. "This action demonstrates a strong belief in the value proposition created by Metrocall's ability to bundle AT&T Wireless products and services in offerings to our customer base utilizing our national distribution capabilities," Collins added.
The Metrocall Series C Preferred Stock, currently has a liquidation value of approximately $105 million and will be exchanged for 13,250,000 shares of Metrocall Common Stock, or non-voting Common Stock equivalents. AT&T Wireless voting interests will be limited to 19.9% of the total outstanding Metrocall Common Stock. The transaction with AT&T Wireless is subject to anti-trust clearance and other customary closing conditions.
Metrocall was advised on this transaction by TD Securities, Inc.
Metrocall, headquartered in Alexandria, Va., is one of the leading wireless data and messaging companies in the United States, serving more than six million (pro forma with recently announced NationPage acquisition) subscribers. In addition, Metrocall markets digital PCS phones and offers two-way messaging via a nationwide wireless data network. |
