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Technology Stocks : Telewest Communications Plc - TWSTY -- Ignore unavailable to you. Want to Upgrade?

To: Xenogenetic who wrote (1)	5/20/2001 12:30:01 AM
From: Xenogenetic	Read Replies (1) \| Respond to of 3

Liberty Media Acquires Further Shares in Telewest Communications LONDON and ENGLEWOOD, Colo., May 3 /PRNewswire/ -- Liberty Media Corporation (``Liberty'') (NYSE: LMG.A - news, LMG.B - news), through its wholly owned subsidiary, Liberty Media International, Inc. today announces that it has recently acquired, through Credit Suisse First Boston, a further 20 million shares in Telewest Communications Plc (``Telewest'') (London: TWT; NASDAQ ADRs (10:1): TWSTY), representing 0.7% of Telewest's issued share capital. The share purchases bring Liberty's total shareholding in Telewest to 25.2%. The acquisition is linked to recent rulings given to Liberty by the Panel on Takeovers and Mergers, a regulatory body in the UK market (the ``Panel'') which issues the City Code on Takeovers and Mergers (the ``City Code''). The Panel has recently reconfirmed to Liberty that it views Liberty, Microsoft and MediaOne as acting in concert in relation to their interests in Telewest (the ``Concert Party''). Prior to the Flextech merger with Telewest, the Concert Party collectively owned over 50% of Telewest. Following the Concert Party's dilution to just below 50% as a result of that merger, the Concert Party was permitted under the City Code to purchase, prior to the close of business on 4 May 2001, up to 1% of Telewest's share capital without incurring any obligation to make a mandatory public offer for Telewest. The recent acquisition of Telewest shares by Liberty Media increases the Concert Party's holding in Telewest from 49.4% to 50.1% within the timeframe permitted. Now that the collective holding has been restored to above 50%, the Concert Party is not restricted, if any of the companies within it ever so choose in the future, from continuing to acquire Telewest shares (without incurring an obligation to make a mandatory offer) subject to a 30% individual limit applying to each member of the Concert Party (and subject to any other concert parties that the Panel might deem to exist). Liberty Media Corporation (NYSE: LMG.A - news, LMG.B - news) holds interests in a broad range of video programming, communications, technology and Internet businesses in the United States, Europe, South America and Asia. For further information, please contact Mike Erickson of Liberty Media Corporation, 720-875-6481; or Anthony Fry of Credit Suisse First Boston, +44 207 888 8888.