MCI WorldCom, Inc. Announces Completion Of The Tender Offer For Ordinary Shares And Ads Of OzEmail Limited
JACKSON, Miss., February 24, 1999 -
MCI WORLDCOM, Inc. (Nasdaq:WCOM) today announced that it has
successfully completed, through its subsidiary UUNET Holdings Australia
Pty Limited ("UUNET Australia"), its US$2.20 per share
(US$22.00 per ADS) cash tender offer to acquire all the ordinary shares
(including shares represented by American Depositary Shares
("ADSs")) of OzEmail Limited (Nasdaq: OZEMY, ASX: OZM).
UUNET Australia has been advised by the registry and the depositary
for the offer that at the expiration of the tender offer at 1:00 A.M.,
New York City time, on Wednesday, February 24, 1999 and at 5:00 P.M.,
Sydney time, on Wednesday, 24 February, 1999, 121,538,289 shares
(including shares represented by ADSs and/or subject to guarantees of
delivery) were validly tendered and not withdrawn which, together with
the 21,863,174 ordinary shares already owned by UUNET, represent
approximately 96% of the number of ordinary shares outstanding.
UUNET Australia will make payment for tendered shares on March 1,
1999, three business days after the Expiration Date.
Pursuant to a modification to the Australian Corporations Law
received from the Australian Securities and Investments Commission,
UUNET Australia expects, five days after the Expiration Date, to
satisfy the 75% (number of registered holders) test under the
Australian Corporations Law so that UUNET Australia may proceed to
compulsorily acquire ordinary shares (including ordinary shares
represented by ADSs) not tendered in the offer.
Accordingly, UUNET Australia expects to make a further announcement
on March 1, 1999 (New York City time) that it intends to exercise its
right under the Australian Corporations Law to acquire by compulsory
acquisition all OzEmail ordinary shares (including shares represented
by ADSs) still outstanding.
MCI WorldCom is a global communications company with revenue of more
than US$30 billion and established operations in over 65 countries
encompassing the Americas, Europe and the Asia-Pacific regions. MCI
WorldCom is a premier provider of facilities-based and fully integrated
local, long distance, international and Internet services. MCI
WorldCom's global networks, including its state-of-the-art pan-European
network and transoceanic cable systems, provide end-to-end
high-capacity connectivity to more than 38,000 buildings worldwide. For
more information on MCI WorldCom, visit the World Wide Web at
www.wcom.com
.
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