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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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To: RockyBalboa who wrote (14868)2/23/2001 1:52:24 PM
From: Mad2  Read Replies (1) of 18998
 
Interesting on the surface it looks good for UCOMA holders, wonder what's the "real value" of the South American assets?

The companies said Friday that the preferred stock will carry no dividend and will be convertible into about 54.1 million common shares of United, representing an effective issue price of $25.87 per common share.

Liberty will purchase $1 billion of Preferred Stock, convertible into about 38.6 million shares, upon receipt of certain regulatory approvals, which are expected in the next 30 days. The remaining $400 million of Preferred Stock, convertible into about 15.5 million shares, will be purchased when United completes the acquisition of Liberty's Latin American assets, as per a June 25, 2000 agreement between the parties. The companies expect United to acquire the Latin America assets in the second quarter.

Liberty's agreement to purchase the Preferred Stock amends the earlier agreement between the companies, in which Liberty was to receive 54.1 million of United's Class B common shares in exchange for transferring about 724 million common shares, or its 25% stake, in Telewest Communications PLC, Britain's second largest broadband company. Under the amended agreement, Liberty will retain ownership of its interest in Telewest.
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