Metromedia International Group (MMG) Looking for Opinions Message Board

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Technology Stocks : Metromedia International Group (MMG) Looking for Opinions

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To: TheSlowLane who wrote (201)	10/27/1998 11:21:00 AM
From: Elayne Shochet Tatar	Read Replies (1) of 353

Has anyone seen/heard about buyout? Article below from today's Wall Street Journal online is first I know about it - and it seems strange. Dow Jones Newswires -- October 27, 1998 Metromedia Intl Urges Hldrs To Reject IG Holdings Tender EAST RUTHERFORD, N.J. (Dow Jones)--Metromedia International Group (MMG) Tuesday urged stockholders to reject unsolicited tender offers by IG Holdings to buy up to 2% of each of the common stock and preferred stock of the company because their prices are inadequate and they are not accompanied by adequate disclosure. Metromedia said in a press release that IG allegedly began offers Oct. 15 of $2.38 a share for Metromedia common stock and $16.15 a share for the preferred. Metromedia's common stock closed Monday on the AMEX at $5.63 a share and its preferred stock closed at $26.75. The company noted that a stockholder who wants to sell his or her shares can thus obtain substantially better prices on the AMEX than through the tender offers. Metromedia said IG Holdings has no affiliation with the copany or any of its officers or directors. In the past six weeks, IG Holdings has made offers to a number of companies to purchase shares at below-market prices. Efforts to learn the location of IG Holdings or the nature of its business have been unsuccessful. Metromedia claims the solicitation materials are materially misleading because they fail to disclose that the shares of common stock and preferred stock are liquid investments which can be sold at any time on the AMEX, and that the current trading prices of the two issues are substantially higher than the tender offer prices. The solicitation materials also do not provide any information on the ownership of IG Holdings or any disclosure regarding financing for the offers, timing of payment or the financial status of IG Holdings and the exchange agent, Metromedia said. Metromedia International is a global communications and media company.

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