CyberWorks Yet to Fix Terms of Offer for C&W HKT's Shareholders
Bloomberg News
Feb 26 2000 3:38AM ET
Hong Kong, Feb. 26 (Bloomberg) -- Pacific Century CyberWorks Ltd., the largest Internet company by market value in Asia outside
Japan, said it has yet to fix the terms of a formal offer to merge with Cable & Wireless HKT Ltd.
``Discussions with Cable & Wireless Plc. in relation to a possible merger between PCCW and Cable & Wireless HKT Ltd. are
currently in progress,'' said CyberWorks in a statement. ``Terms of a potential formal offer have not been agreed by PCCW and C&W
yet.''
Trading in CyberWorks' shares was suspended three minutes after the stock market opened yesterday, fueling speculation that the
company was closed to reaching an agreement with C&W.
CyberWorks, in an public announcement advertisement in the South China Morning Post, said its shares will remain suspended
until further notice. The suspension is ``aimed to avoid a potential false market,'' the company said.
CyberWorks yesterday said it will meet with analysts and reporters Monday afternoon to discuss a ``substantial price- sensitive
transaction.'' The company wouldn't say what that transaction will be.
Bloomberg News
Feb 26 2000 3:38AM ET
Hong Kong, Feb. 26 (Bloomberg) -- Pacific Century CyberWorks Ltd., the largest Internet company by market value in Asia outside
Japan, said it has yet to fix the terms of a formal offer to merge with Cable & Wireless HKT Ltd.
``Discussions with Cable & Wireless Plc. in relation to a possible merger between PCCW and Cable & Wireless HKT Ltd. are
currently in progress,'' said CyberWorks in a statement. ``Terms of a potential formal offer have not been agreed by PCCW and C&W
yet.''
Trading in CyberWorks' shares was suspended three minutes after the stock market opened yesterday, fueling speculation that the
company was closed to reaching an agreement with C&W.
CyberWorks, in an public announcement advertisement in the South China Morning Post, said its shares will remain suspended
until further notice. The suspension is ``aimed to avoid a potential false market,'' the company said.
CyberWorks yesterday said it will meet with analysts and reporters Monday afternoon to discuss a ``substantial price- sensitive
transaction.'' The company wouldn't say what that transaction will be.
