Jackson, MS and South Sioux City, NE -- March 11, 1998
-- Both WorldCom and MCI shareholders overwhelmingly approved the
pending merger between the companies during meetings held today
respectively in Jackson, MS and South Sioux City, NE.
Of the WorldCom shareholder votes cast, over 99
percent were in favor of the merger; representing over 78 percent of
votes entitled to be cast. Of the MCI shareholder votes cast, over 99
percent were in favor of the merger; representing over 80 percent of
the votes entitled to be cast. The positive vote represents an
important milestone in completing the merger approval process. The
merger, first announced on November 10, 1997, is still subject to
approvals from the U.S. Department of Justice, the Federal
Communications Commission, and the European Commission, among others.
The companies expect to secure the remaining approvals for a mid-year
closing.
"Our shareholders recognize the significant
value of this merger to our future growth and earnings," said
Bernard J. Ebbers, WorldCom president and CEO. "This vote is an
important step forward in the completion of the WorldCom merger and
we are confident that we will gain other necessary approvals to
complete the merger in mid-1998."
"As we move closer to the completion of the
merger with WorldCom, the synergies and growth opportunities become
increasingly clear," said Bert C. Roberts, Jr., MCI chairman.
"We will have an unmatched local-to-global network as well as
the marketing and service capabilities to meet our customers'
growing data, voice and Internet service needs."
On November 10, 1997, MCI and WorldCom announced a
definitive merger agreement to form a new company called MCI
WorldCom. MCI WorldCom will be a leading provider of facilities-based
and fully integrated local, long distance, data and global
communications services. On completion of the merger, the company
will have revenue of more than $30 billion, approximately 22 million
customers and operations in more than 65 countries.
