[00-7-17] Cable & Wireless HKT Merger Hearing Date Set
By Adam Creed, Newsbytes.
HONG KONG, CHINA,
17 Jul 2000, 4:39 AM CST
Cable & Wireless HKT Merger Hearing Date Set 07/17/00 HONG KONG, CHINA, 2000 JUL 17 (NB) -- By Adam Creed, Newsbytes. A Hong Kong Court hearing that could sanction the takeover of Cable & Wireless HKT, the SAR's largest telephone company, by Asian Internet group, Pacific Century CyberWorks Ltd (PCCW), has been set for August 1.
Earlier this month, the shareholders of Cable & Wireless HKT gave the go-ahead for the company's takeover. The HKT board recommended shareholders accept the PCCW offer in May, after parent company Cable & Wireless Plc approved the US$35.9 billion deal in February.
PCCW is to acquire all the shares in Cable & Wireless HKT, and plans to make it a wholly-owned indirect subsidiary company.
The merger of the two companies will combine Cable & Wireless HKT's telecommunications and broadband Internet services with one of the most aggressive Asian Internet content companies.
Following the Court hearing on August 1, and assuming the takeover is approved, the last day for dealing in HKT shares will be August 8, with their withdrawal from the Stock Exchange of Hong Kong on August 17. Entitlements will be posted to shareholders on or before August 21.
Reported By Newsbytes.com, newsbytes.com
04:39 CST
(20000717/WIRES ASIA, ONLINE, TELECOM, BUSINESS/)
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