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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: voop who wrote (11458)	5/24/2001 7:30:52 AM
From: TechMkt	Read Replies (1) \| Respond to of 15615

Thursday May 24, 6:00 am Eastern Time Press Release SOURCE: Tyco International Ltd. Tyco Announces a Potential Purchase of an Equity Interest in FLAG Telecom Of Approximately Eleven Percent PEMBROKE, Bermuda, May 24 /PRNewswire/ -- Tyco International Ltd. (``Tyco'') (NYSE: TYC; LSE: TYI; BSX: TYC) announced today that early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act was granted on May 18, 2001 for a potential private market purchase of 15 million outstanding common shares of FLAG Telecom Holdings Limited (``FLAG Telecom'') (Nasdaq: FTHL; LSE: FTL). This represents approximately 11% of FLAG Telecom's outstanding common shares. TyCom Ltd. (``TyCom'') (NYSE: TCM; BSX: TCM), a subsidiary of Tyco, has entered into a nine-month put option that, if exercised, would cause TyCom or an affiliate to purchase outstanding FLAG Telecom shares at market prices in exchange for not more than 1.4% of the shares of TyCom, and cash. The exchange ratio of the transaction is structured so that no more than one TyCom share would be exchanged for every two FLAG Telecom shares. The purchase price would be in the form of 90% TyCom shares and 10% cash. The transaction is subject to conditions, including board approvals. The transaction would not involve a change in control of FLAG Telecom. Tyco intends to hold the FLAG Telecom shares for investment purposes and has no present intention or right to acquire any additional equity interest in FLAG Telecom.