MCI WorldCom, Inc. Commences Cash Tender Offer For All Outstanding Ordinary Shares And American Depositary Shares Of OzeMail Limited at US$2.20 Per Ordinary Share (US$22.00 Per American Depositary Share)
Telecom Firm has Purchased 14.9 percent of Australian
ISP
JACKSON, Miss., January 7, 1999 --
MCI WORLDCOM, Inc. (Nasdaq:WCOM), today announced that UUNET Holdings
Australia Pty Limited ("UUNET Australia"), MCI WorldCom's
newly formed wholly owned subsidiary, has commenced a cash tender offer
for all ordinary shares (the "Shares") of OzEmail Limited
("OzEmail"), an Australian corporation, including all
outstanding American Depositary Shares representing Shares
("ADSs") represented by American Depositary Receipts
("ADRs") at US $2.20 per Share (US$22.00 per ADS).
The offer follows a recent purchase by UUNET Australia of 21,863,174
Shares. The offer is conditional upon, among other things, all
Australian and other necessary governmental and regulatory approvals
being received and UUNET Australia being entitled at the date and time
the offer expires to not less than 90% of all Shares (including Shares
represented by ADSs). The tender offer and withdrawal rights are
scheduled to expire at 1:00 A.M., New York City time, on Tuesday,
February 9, 1999 and at 5:00 P.M., Sydney time on Tuesday, February 9,
1999, unless the offer is extended.
Merrill Lynch is acting as the Dealer Manager and MacKenzie
Partners, Inc. is acting as the Information Agent in connection with
the offer. The information filed with the Securities and Exchange
Commission in connection with the tender offer may be obtained by
calling MacKenzie Partners, Inc. collect at (212) 929-5500 or toll free
at (800) 322-2885.
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.mciworldcom.com or
www.wcom.com
.