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Pastimes : Crazy Fools Chasing Pacific Century CyberWorks Ltd -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (42)	8/5/2001 7:57:00 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 102

[00-2-29] Pacific Century CyberWorks Succeeds In Bid For C&W HKT By Adam Creed, Newsbytes. HONG KONG, CHINA, 29 Feb 2000, 9:52 PM CST ****Pacific Century CyberWorks Succeeds In Bid For C&W HKT 02/29/00 HONG KONG, CHINA, 2000 FEB 29 (NB) -- By Adam Creed, Newsbytes. Another giant merger is set to go ahead in Asia's restructuring telecoms industry, with the UK's Cable & Wireless Plc giving the go-ahead for Richard Li's Pacific Century CyberWorks Ltd to buy Hong Kong carrier Cable & Wireless HKT. Pacific Century CyberWorks (PCCW) came out on top in the bid for Cable & Wireless HKT today, beating rival bidder Singapore Telecommunications Ltd (SingTel) to the prize. The merger will take the form of a US$35.9 billion cash-and-share deal. The merger of the two companies, which is subject to final approvals, will combine Cable & Wireless HKT's telecommunications and broadband Internet services with one of the most aggressive Asian Internet content companies. The deal is similar to the AOL-Time Warner marriage, combining telecommunications and Internet infrastructure with content and online presence. Doncaster Group Ltd, a wholly-owned subsidiary of PCCW, will make a voluntary conditional securities exchange offer for Cable & Wireless HKT to its shareholders. Cable & Wireless Plc, which owns 54 percent of its Hong Kong subsidiary, has agreed to accept the offer. PCCW has offered $38.1 billion in shares or $35.9 billion in cash and shares for Cable & Wireless HKT. Cable & Wireless FE, a subsidiary of Cable & Wireless Plc, expects to get cash proceeds of between £3.8 billion and £7.1 billion ($6 billion and $11.21 billion) and 11.2 to 20.9 percent (depending on take up by shareholders) of the new combined group, to be called Pacific Century CyberWorks-Hongkong Telecom. PCCW has taken a whole range of stakes in or formed joint ventures with Asian and US-based portal and e-commerce companies and is building a high-speed satellite-based cable Internet service that will roll out across Asia. Among these are interests in online entertainment content portal Star East IT, a stake in Asia Pacific Web developer Spike Networks, a $129 million interest in Nasdaq-listed SoftNet Systems, a 20 percent stake in Web developer OutBlaze Ltd, and more recently, a joint venture with global Internet giant CMGI. "The directors of PCCW believe that a combination of Cable & Wireless HKT's prime quality broadband network together with PCCW's broadband Internet content proposition would create an undisputed Asian internet powerhouse, and eventually a truly global leader with roots in Hong Kong," said the company, in a statement earlier. Rival bidder SingTel pulled out of talks before the PCCW announcement, causing Rupert Murdoch's News Corporation to reappraise its investment plans announced on Wednesday. The media giant will no longer invest $1 billion in SingTel (cash originally intended for a Cable & Wireless HKT bid), but said it would continue to explore Internet and wireless opportunities and partnerships with the Singapore-based carrier. Exchange Rate: $1 = £0.63 Reported by Newsbytes.com, newsbytes.com . (20000229/WIRES ASIA, TELECOM, ONLINE/MEGAMERGER/PHOTO) © 2001 The Washington Post Company newsbytes.com