January 28, 2005 — (WEB HOST INDUSTRY REVIEW) — France Telecom, Equant’s (equant.com) controlling shareholder, proposed last week to acquire the full ownership of Equant’s business, including all assets and liabilities of Equant N.V., followed by a distribution of the purchase price to Equant’s shareholders and the liquidation of those shareholders.
The proposal was announced in a special meeting of Equant’s supervisory board held on January 22, 2005. The intended acquisition would offer Equant shareholders a distribution of 4.20 Euro per ordinary or preferred share, subject to applicable withholding and similar taxes.
The supervisory board appointed a special committee made up of the three independent directors to evaluate the offer. Meanwhile, the special committee has retained Rothschild North America as its financial adviser and Cleary Gottlieb Steen & Hamilton LLP as its counsel.
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