I'd be delighted if NN "merged" at about 46-50 per share.
I wouldn't complain. <g>
Here's the latest from MCI/WorldCom:
<<<
MCI, WorldCom shares hit new highs on EU approval
Reuters Story - July 08, 1998 15:25
NEW YORK, July 8 (Reuters) - Shares of MCI Communications
Corp. and WorldCom Inc hit record highs on
Wednesday after European regulators approved their proposed $37
billion merger on the condition MCI sell its Internet
businesses.
MCI hit an intraday high of 62-11/16 but settled slightly
in afternoon trading to 61-1/2, up 5/8. WorldCom hit a high of
51-7/8 before settling to 50-15/16, up 9/16.
The approval of the European regulators, which was widely
expected, is just one hurdle the two companies must face before
their deal could close.
The merger partners still must gain the blessing of U.S.
regulators, sell off MCI's entire Internet business, and submit
to certain non-compete provisions barring the merged company
from trying to win back MCI Internet customers that are
transferred to the new owner.
MCI said it expects the merger to close this summer.
MCI previously agreed to sell the wholesale side of its
Internet business to Cable and Wireless Plc , but
regulators said that was not enough to ensure the combined
company did not dominate the Internet market.
MCI now must sell the rest of its Internet business and the
buyer will have to be approved by both EU and U.S. regulators.
The European Commission said it may appoint a trustee to
oversee the divestiture.
MCI is expected to announce a buyer of the Internet
business after the U.S. Department of Justice issues its ruling
on the deal, which could happen as early as next week, industry
sources said.
MCI declined to comment. The DOJ declined to comment on the
EU's conditional approval, saying its own investigation of the
merger is continuing.
Cable & Wireless is seen as the most likely buyer of the
rest of MCI's Internet assets, industry sources said. C&W
declined to comment.>>> |
