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Technology Stocks : Associated Group / Teligent

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To: Tecinvestor who wrote (61)6/1/1999 10:56:00 AM
From: biffpincus  Read Replies (1) of 76
 
Thats all she wrote ... Associated Group sold ...

The street apparently isn't too enthusiastic with the deal ... AGRPA down 5 / AGRPB down 1 ... market capitalization before deal was about 3 1/2 billion ... and finalized deal was for 3 Billion ... looks like the family (Berkmans) needed some money ... biff

p.s. TGNT is up about 9 on the deal

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Liberty Media to buy Associated in $3 billion deal

ENGLEWOOD, Colo., June 1 (Reuters) - Cable TV programmer Liberty Media Group said Tuesday it would buy cellular phone and telecommunications company The Associated Group Inc. in a $3 billion all-stock deal. Liberty Media, a leading cable TV programmer which belongs to AT&T Corp. , said in a statement that it would assume $187 million of Associated debt.

Liberty Media said the companies had signed a definitive agreement for the merger. The deal is structured to be tax-free to Associated shareholders. Associated co-founded and holds a roughly 41 percent interest in Teligent Inc. , a provider of broadband communications services to small and medium-sized business customers.

Associated shareholders will get 25.89 million shares of Class A Liberty Media Group common stock, or 51.78 million shares following a two-for-one stock split on June 11.

Associated stockholders also will get 19.7 million shares of AT&T Corp. Common Stock. They will get 0.6206 shares -- 1.2411 shares post split -- of Class A Liberty Media Group
common stock and 0.4727 shares of AT&T common stock for each
share of Associated Class A and Class B common stock.

((--Ian Simpson, Wall Street desk, (212) 859-1879))

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