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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..]
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To: transmission who wrote (280)6/1/1999 9:54:00 AM
From: MangoBoy  Read Replies (1) of 1860
 
[Liberty Media to buy Associated in $3 billion deal]

ENGLEWOOD, Colo., June 1 (Reuters) - Cable TV programmer Liberty Media Group (NYSE:LMG.A) (NYSE:LMG.B) said Tuesday it would buy cellular phone and telecommunications company The Associated Group Inc. (NASDAQ:AGRPB) in a $3 billion all-stock deal.

Liberty Media, a leading cable TV programmer which belongs to AT&T Corp. (NYSE:T), said in a statement that it would assume $187 million of Associated debt.

Liberty Media said the companies had signed a definitive agreement for the merger. The deal is structured to be tax-free to Associated shareholders.

Associated co-founded and holds a roughly 41 percent interest in Teligent Inc. (NASDAQ:TGNT), a provider of broadband communications services to small and medium-sized business customers.

Associated shareholders will get 25.89 million shares of Class A Liberty Media Group common stock, or 51.78 million shares following a two-for-one stock split on June 11.

Associated stockholders also will get 19.7 million shares of AT&T Corp. Common Stock. They will get 0.6206 shares -- 1.2411 shares post split -- of Class A Liberty Media Group common stock and 0.4727 shares of AT&T common stock for each share of Associated Class A and Class B common stock.
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