Nuevo Grupo Iusacell (CEL) Message Board

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Technology Stocks : Nuevo Grupo Iusacell (CEL)

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To: Rob Preuss who wrote (180)	7/25/2003 2:21:08 PM
From: Rob Preuss	Read Replies (1) of 206

UPDATE on the FinTech bid... biz.yahoo.com [snip] Officials from Salinas' holding company Grupo Salinas have pointed to documents filed with the U.S. Securities Exchange Commission (SEC) that would make it difficult for Verizon and Vodafone to back out of the deal in favor of a higher bid. The SEC filing, they say, means that according to the agreement, Vofane and Verizon would have to pay Grupo Salinas 95 percent of the difference between the original agreement and the bid they eventually accept. In that case, given Vodafone and Verizon's 73.9 percent stake in Iusacell, they would stand to make around $1 million more than the Salinas bid it they accepted the latest Fintech offer after paying the penalty. However, Fintech's Martinez said the 95 percent penalty within the agreement would not necessarily apply, without providing details. Iusacell's shares traded flat in Mexico, at 0.490 peso, while its American Depositary Receipt rose 2 cents to $4.57. (Additional reporting by Pablo Garibian)

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