Teleglobe Shareholders Approve Acquisition by VSNL
26 Oktober 2005 - 3:00PM
Business Wire
Teleglobe International Holdings Ltd (NASDAQ:TLGB), a leading
provider of international telecommunications services to Internet
service providers, fixed and mobile network operators, announced
that the company's shareholders approved Teleglobe's acquisition by
Videsh Sanchar Nigam Limited, VSNL (NYSE: VSL), India's leading
provider of long distance communications and Internet services, on
October 25, 2005. Over 99% of all votes cast at the special
shareholders meeting representing over 78% of Teleglobe's shares
outstanding were in favor of the transaction, which required the
approval of a majority of the shares outstanding. The approval is
an important step towards completion of the transaction, which is
expected to occur in the first quarter of 2006, pending regulatory
approvals and notices and other customary closing conditions.
Forward-looking Statements Teleglobe has included in this press
release forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including all
statements concerning future or expected events or results. Actual
results could differ materially from those projected in the
companies' forward-looking statements due to numerous known and
unknown risks and uncertainties, including, among other things, the
risks and uncertainties described in Teleglobe's filings with the
Securities and Exchange Commission. About VSNL: Videsh Sanchar
Nigam Limited (VSNL) is a leading provider of international
telecommunications services. VSNL is India's largest player in
international long distance services and has a strong pan-India
domestic long distance presence. VSNL is also a leading player in
the corporate data market in India today with a strong service
offering covering IPLCs, ILLs, Frame relay, ATM and MPLS based
IP-VPN services. VSNL has a strong infrastructure base that covers
multiple submarine cable systems, switching gateways, IP PoPs and
earth stations. With its recent acquisition of Tyco's global
submarine network, VSNL provides seamless connectivity across the
globe to carriers and enterprises. VSNL has 30 points of presence
in 12 countries in North America, Europe and Asia. VSNL also has
business operations in Sri Lanka and Nepal and is soon entering
South Africa. In India, VSNL is rapidly growing its retail presence
under the Tata Indicom brand through its products like high-speed
broadband, dial-up Internet, net telephony and calling cards, and
has an active Internet / Broadband subscriber base. VSNL is
consolidating its presence in the Internet space with an increased
focus on the retail broadband business. VSNL is listed on the major
stock exchanges in India and also has its ADRs listed on the New
York Stock Exchange. (www.vsnl.in) About Teleglobe: Teleglobe is a
leading provider of international voice, data, Internet and mobile
roaming services with over 50 years of industry expertise in
international telecommunications. Teleglobe owns and operates one
of the world's most extensive telecommunications networks, reaching
over 240 countries and territories with advanced voice, mobile, and
data services. Teleglobe is the carrier of choice to more than
1,400 wholesale customers representing the world's leading
telecommunications, mobile operators and Internet service
providers. With an annual run-rate of over 13 billion minutes, and
a significant portion of the world's Internet traffic, Teleglobe's
network is consistently ranked among the most robust and reliable,
performing at the high end of industry standards. Detailed
information about Teleglobe is available on the company's web site
at www.Teleglobe.com. Teleglobe is a public company trading on the
NASDAQ the symbol TLGB.
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