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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (1607)	7/12/2001 12:56:24 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

MobileOne bidders to upgrade offers Jul 12 14:59 Dow Jones Companies competing to buy Singapore's second-largest mobile phone company, MobileOne Asia, will substantially raise their bids this week, says a source familiar with the offer. Both Regional Wireless Co - a joint venture between Hong Kong's Pacific Century CyberWorks and Australia's Telstra Corp - and Malaysia-based Maxis Communications bid about $US1.2 billion for MobileOne earlier this year. MobileOne shareholders, however, rejected the bids as being too low. According to the source, Regional Wireless this week will submit a bid of about $US1.6 billion for MobileOne, financed in part by cash but mostly through a convertible bond. Bond holders will have the option to convert debt into Regional Wireless stock at some stage. Such an arrangement would require Regional Wireless to be listed on a stock exchange. Regional Wireless is 60 per cent owned by Telstra and 40 per cent owned by PCCW and has the cellular assets of HK Telecom, which PCCW bought last year. Maxis Communications will submit a $US1.4 billion bid more heavily weighted in cash than its rival's, the source says. Cash is generally more attractive to shareholders than bids funded by stock or bonds. It is unclear when MobileOne shareholders will make a decision on the offers. -------------------------------------------------------------------------------- afr.com