Tel-Save Responds to ACC Announcement
NEW HOPE, Pa., Nov. 25 /PRNewswire/ -- Tel-Save Holdings, Inc. (Nasdaq: TALK - news).
In response to the ACC (Nasdaq: ACCC - news) announcement on Reuters on November 21,
Dan Borislow stated, ''We appreciate ACC's due diligence process and the work required to
accept our proposal. However, we are not in the business of putting companies in play only for
them to look for higher bidders or try to cause us to raise our price (despite our recent
$70,000,000 success in that arena). With this in mind, we have advised ACC that our offer will
close at the end of business on Wednesday, December 3, 1997.''
Borislow continued, ''When ACC put a poison pill of 7.5% on the company, they unequivocally
decided to sell their company and we think both companies' stock prices indicate the stockholders
agree. Further, absolutely every shareholder of ACC with whom I have spoken wants the
company to be sold. With the way our phones have been ringing, it feels like we have spoken to all
of them. Tel-Save will not change its offer and we continue to believe our proposal to be more than
fair. As stated earlier, our transaction is contingent on pooling of interests accounting treatment. In
addition, we filed Hart Scott Rodino on November 10 and hope this will help speed this process
along.''
Tel-Save Holdings, Inc. is a nationwide provider of telecommunication services utilizing its
state-of-the-art telecommunications network -- One Better Net (''OBN''). Tel-Save headquarters
are located at 6805 Route 202, New Hope, Pennsylvania 18938. |
