"Liberty Media Proposes to Acquire LSAT
ENGLEWOOD, Colo., Oct 12, 2001 /PRNewswire via COMTEX/ -- Liberty Satellite & Technology, Inc. (OTC Bulletin Board: LSATA chart, msgs, LSATB chart, msgs) announced today that it has received a proposal from Liberty Media Corporation (NYSE: LMC.A chart, msgs, LMC.B chart, msgs) to acquire all of the issued and outstanding shares of Liberty Satellite & Technology, Inc. ("LSAT") that Liberty Media Corporation does not already own. As proposed, LSAT stockholders would receive 0.09 shares of Liberty Media Corporation Series A common stock for each share of LSAT common stock held.
LSAT said that it will respond to Liberty Media Corporation as soon as LSAT's Board of Directors has had an opportunity to consider the proposal. Any transaction between LSAT and Liberty Media Corporation would be subject to negotiation, execution and delivery of definitive documentation relating thereto and any closing conditions provided for in such documentation.
The previously announced transaction whereby Liberty Media would contribute its 100% ownership interest in Ascent Entertainment Group, Inc., as well as Liberty Media's 89% ownership interest in Liberty Satellite, LLC in exchange for 340,000,000 shares of LSAT Series B common stock has been suspended by mutual agreement to give the Board of Directors of LSAT an opportunity to consider and respond to the proposed merger.
LSAT is headquartered in Englewood, Colorado. Liberty Satellite & Technology Series A and Series B Common Stock trade on the OTC Bulletin Board under the symbols LSATA and LSATB respectively. "
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