Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Vodafone-Airtouch (NYSE: VOD) -- Ignore unavailable to you. Want to Upgrade?

To: MrGreenJeans who wrote (2111)	11/18/1999 7:39:00 AM
From: MrGreenJeans	Respond to of 3175

Financial Times TACTICS: Vodafone ponders 'knockout' bid The UK telecoms company may lift offer for Mannesmann, write Vincent Boland, Peter Thal Larsen in London and William Lewis in New York Vodafone AirTouch will decide today whether to make a revised offer of E220-E230 a share for Mannesmann or to mount a "knockout" bid at around E240 - valuing the German telecommunications operator at about E124bn ($129bn). As the countdown to the world's biggest takeover bid loomed, it emerged yesterday that Mannesmann has been forced to apologise after admitting errors in an affidavit it lodged in the High Court in London. The legal move sought to force Goldman Sachs to step down as one of Vodafone's investment banking advisers. Chris Gent, Vodafone chief executive, is understood to have received strong backing for a new bid for Mannesmann after meeting shareholders yesterday. The Vodafone board is expected to discuss the level of its revised bid today. It hopes to make the offer public before a meeting of Mannesmann's supervisory board on Friday. Shareholders said they would strongly back a bid of up to E240 a share, but that Vodafone now accepted any new offer would have to be hostile because of Mannesmann's fierce opposition to being taken over. Despite the recent weakness in its share price, the UK company is thought unlikely to sweeten its all-share offer by including a cash element. "We are not asking Mannesmann shareholders to sell their shares but to reinvest them in a bigger, faster-growing business," one person close to the deal said last night. Vodafone shares rose nearly 2 per cent to 276p yesterday, while Mannesmann fell more than 5 per cent to E196.65. Mannesmann's application will be heard today for an injunction against Goldman Sachs, which the German group accuses of having gone back on a promise not to advise Vodafone on a hostile bid against it. Kurt Kinzius, a Mannesmann executive whose claims are at the centre of Mannesmann's case, was forced yesterday to submit a new affidavit. Apologising to the court and Goldman for allegations he made in his first affidavit, Mr Kinzius said: "I have now had an opportunity to refresh my memory." The move further raised the stakes in what has already become a bitter battle between Mannesmann and Goldman. Mannesmann wants the court to stop Goldman from using confidential information to help Vodafone in a hostile bid. Goldman has temporarily stepped down as an adviser to Vodafone. Mr Kinzius's second affidavit states that he was not present in February when Tim Plaut, co-head of the investment bank's German business, allegedly assured Klaus Esser, chairman of the German group's executive board, that it would not help Vodafone or any other telecoms group launch a hostile bid