DTN Announces Unsolicited Bid to Purchase Company
PR Newswire - March 25, 1998 16:46
DTLN %CPR %SRP V%PRN P%PRN
OMAHA, Neb., March 25 /PRNewswire/ -- Data Transmission Network
Corporation (DTN) (Nasdaq: DTLN) announced today that it has received an
unsolicited offer to purchase the Company from a group of investors led by
Jerrold S. Pressman. The Company also has become aware that this group of
investors has communicated with certain large shareholders in DTN, and
therefore, the Company is issuing this press release to share this information
with all shareholders.
The offer is to purchase up to all of the outstanding shares of DTN at a
price range of $36.00 - $41.00 or more per share subject to financing and the
satisfactory results of due diligence. DTN's management has had no
substantive discussions with this group and has not communicated any desire to
sell the Company.
DTN's management believes the interest of shareholders is best served by
the continued long-term strategy of DTN. DTN's strategy is to grow the
Company by developing and marketing information and communication services for
niche markets and to make acquisitions that fit well into the Company's
business model. DTN's management has grown the Company's subscribers,
revenues and operating cash flow (EBITDA) at compounded rates of 18%, 36% and
38%, respectively, over the past five years. These growth rates attest to the
fact that the Company has recorded strong results over the past five years.
DTN's management is committed to enhancing shareholder value through the
implementation of the current strategy.
Data Transmission Network Corporation in Omaha, Nebraska, is an innovative
information and communication provider for the agricultural, automotive,
energy, farm implement, financial, mortgage, produce, golf, turf management,
construction, aviation, emergency management and weather-related industries.
DTN is committed to providing comprehensive, timely and affordably priced
information including weather, news, quotes, market analysis and commentary to
more than 160,000 subscribers in the U.S. and Canada via all relevant
distribution technologies.
Visit the DTN web site for company and investor information at
www.dtn.com.
SOURCE Data Transmission Network Corporation
/CONTACT: Brian Larson of Data Transmission Network Corporation,
402-255-3757 or fax: 402-390-7188/
/Web site: dtn.com
(DTLN) |
