Shareholders approve WorldCom, Inc./MFS merger
The merger is expected to be completed on December 31, 1996.
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JACKSON, Mississippi - At separate meetings held Friday, December 20, 1996, in Jackson, Mississippi, and Omaha, Nebraska, shareholders of WorldCom, Inc. and MFS Communications Company, Inc. (MFS) approved the proposed merger between the two companies.
Under the terms of the merger, each share of MFS common stock will be converted into the right to receive 2.1 shares of WorldCom, Inc. common stock. Each share of MFS' Series A 8% Cumulative Convertible Preferred Stock will be converted into the right to receive one share of Series A 8% Cumulative Convertible Preferred Stock of WorldCom, Inc.
Each share of MFS' Series B Convertible Preferred Stock will be converted into the right to receive one share of Series B Convertible Preferred Stock of WorldCom, Inc. In addition, each depositary share representing 1/100 of a share of MFS Series A Preferred Stock will be exchanged for a depositary share representing 1/100 of a share of WorldCom, Inc. Series A Preferred Stock.
The merger is expected to be completed on December 31, 1996.
WorldCom, Inc. is one of the largest long distance telecommunications companies in the United States, offering domestic and international voice, data and video products and services to business customers, other carriers and the residential market. The company operates a nationwide digital fiber optic network in the United States and has worldwide network capacity. Its World Wide Web address is: http://www.wcom.com . The common shares of WorldCom, Inc. trade on the Nasdaq National Market under the symbol WCOM. MFS is a leading provider of communication services for business. Through its operating company subsidiaries, MFS provides one-stop shopping for integrated local and long distance services as well as a wide range of high-quality voice, data, Internet and other enhanced services and systems specifically designed to meet the requirements of business and government customers. MFS is headquartered in Omaha, Nebraska. Its World Wide Web address is: http://www.mfst.com. MFST common stock and depositary shares are traded on the Nasdaq National Market under the symbols MFST and MFSTP, respectively.
