OZEMY
(PR NEWSWIRE) MCI WorldCom Announces Intention to Acquire Australia's OzEm
MCI WorldCom Announces Intention to Acquire Australia's OzEmail Limited;
Telecom Firm Has Purchased 14.9 Percent of Australian ISP
JACKSON, Miss. and SYDNEY, Australia, Dec. 13 /PRNewswire/ -- MCI
WorldCom, Inc. (Nasdaq: WCOM) today acquired 21,863,174 newly issued ordinary
shares in OzEmail Limited ("OzEmail") and announced that it will make a cash
offer for all of the issued ordinary shares (including ADSs) of OzEmail
(Nasdaq: OZEMY, Australia: OZM).
UUNET Holdings Australia Pty Limited, a wholly owned subsidiary of MCI
WorldCom, will make an all cash offer to acquire all of the issued ordinary
shares of OzEmail at a price of US$2.20 per share, currently equivalent to
approximately A$3.54 per share(1), including ADSs at a price of US$22.00 per
ADS. OzEmail has 146,732,714 ordinary shares issued and outstanding after the
placement to MCI WorldCom, representing a total value for OzEmail's ordinary
issued and outstanding shares of approximately US$322.8 million, currently
equivalent to approximately A$520.0 million(1), based on MCI WorldCom's offer
price.
MCI WorldCom acquired the relevant interest in 21,863,174 ordinary shares
by way of a share subscription agreement with OzEmail at US$2.00 per share,
currently equivalent to approximately A$3.22 per share(1). |
