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Technology Stocks : WCOM -- Ignore unavailable to you. Want to Upgrade?

To: P.M.Freedman who wrote (3691)	1/5/1999 9:50:00 AM
From: stock_bull69	Read Replies (1) \| Respond to of 11568

SYDNEY, Jan 5 (Reuters) - The board of Australia's largest Internet service provider OzEmail Ltd <OZEMY.O> on Tuesday unanimously recommended shareholders accept a A$520 million takeover offer by U.S. telecommunications giant MCI WorldCom Inc. MCI WorldCom launched its offer of US$2.20 per ordinary share or $22 per American Depositary Share (ADS) for OzEmail in December. "Your board of directors unanimously recommends that the company's shareholders accept the offer and tender their ordinary shares and ADSs in the offer, subject to no more favourable offer being made," OzEmail chief executive officer Sean Howard and chairman Malcolm Turnbull said in a letter to shareholders. "The directors of OzEmail intend to accept the offer for their own shareholdings," they said in the formal Part B response to the offer to MCI WorldCom's wholly owned Australian subsidiary, UUNET Holdings Australia Pty Ltd. Howard, Turnbull and another founding director, Trevor Kennedy, together control about 45.7 percent of OzEmail's issued capital. MCI WorldCom already holds 14.9 percent of OzEmail after OzEmail issued a parcel of shares to it two days before unveiling its offer in mid-December. OzEmail shares closed steady at A$3.60 on Tuesday.