Cox Enterprises, Inc. and Cox Communications, Inc. Announce Successful Conclusion of Tender Offer
03 Diciembre 2004 - 7:34AM
PR Newswire (US)
Cox Enterprises, Inc. and Cox Communications, Inc. Announce
Successful Conclusion of Tender Offer ATLANTA, Dec. 3
/PRNewswire-FirstCall/ -- Cox Enterprises, Inc. (CEI) and Cox
Communications, Inc. (CCI) (NYSE:COX) announced today the
successful conclusion of a cash tender offer by Cox Holdings, Inc.,
a wholly owned subsidiary of CEI, and by CCI to acquire the
outstanding publicly held shares of CCI Class A Common Stock at
$34.75 per share. The tender offer expired at midnight EST on
Thursday, December 2, 2004. "We are excited about this transaction
because it will enhance CCI's competitive position in the cable and
telecommunications industry," said James C. Kennedy, Chairman and
Chief Executive Officer of CEI. "This structure will allow us to
focus on delivering high quality service to our communities and
customers as well as our long-term business objectives and growth."
CCI and CEI have been advised by Wachovia Bank, N.A., the
depositary for the tender offer, that as of the expiration of the
tender offer a total of 189,685,302 Class A shares, have been
validly tendered, or guaranteed for tender and not withdrawn.
Consequently, the majority of the minority offer condition is
satisfied. All validly tendered shares have been, and guaranteed
shares when delivered will be, accepted for purchase and payment in
accordance with the terms of the offer and payment for such shares
is expected to be made on December 8, 2004. The aggregate
consideration payable for the shares purchased in the tender offer,
assuming all guaranteed shares are delivered, is approximately $6.6
billion. Following purchase of the shares tendered and guaranteed
for tender pursuant to the offer, CEI will beneficially own more
than 90% of the outstanding Class A shares of CCI and intends to
immediately cause CCI to merge with a wholly owned CEI subsidiary.
Cox Enterprises (http://www.coxenterprises.com/) Cox Enterprises is
one of the nation's leading media companies and providers of
automotive services, with 2003 revenues of $10.7 billion and 77,000
employees. Major operating subsidiaries include Cox Communications,
Inc. (NYSE:COX) cable television distribution, telephone,
high-speed Internet access and other advanced broadband services);
Cox Newspapers, Inc. (newspapers, local and national direct mail
advertising and customized newsletters); Cox Television (television
and television sales rep firms); Cox Radio, Inc. (NYSE:CXR)
broadcast radio stations and interactive Web sites); and Manheim
Auctions, Inc. (vehicle auctions, repair and certification services
and web-based technology products). CEI also owns an equity stake
in AutoTrader.com, the world's largest and most visited online
source of vehicle listings for dealers and consumers. Cox
Communications (http://www.cox.com/) Cox Communications, Inc.
(NYSE:COX), a Fortune 500 company, is a multi- service broadband
communications company with approximately 6.6 million total
customers, including approximately 6.3 million basic cable
subscribers. The nation's third-largest cable television provider,
Cox offers both analog cable television under the Cox Cable brand
as well as advanced digital video service under the Cox Digital
Cable brand. Cox provides an array of other communications and
entertainment services, including local and long distance telephone
under the Cox Digital Telephone brand; high-speed Internet access
under the Cox High Speed Internet brand; and commercial voice and
data services via Cox Business Services. Local cable advertising,
promotional opportunities and production services are sold under
the Cox Media brand. Cox is an investor in programming networks
including Discovery Channel. More information about Cox
Communications can be accessed on the Internet at
http://www.cox.com/ . CAUTIONARY STATEMENT: Statements in this
document represent the intentions, plans, expectations and beliefs
of CEI and CCI and involve risks and uncertainties that could cause
actual events to differ materially from the events described in
this document, including risks or uncertainties related to changes
in general economic conditions, stock market trading conditions,
tax law requirements or government regulation, and changes in the
broadband communications industry or the business or prospects of
CCI. CEI and CCI wish to caution the reader that these factors, as
well as other factors described or to be described in CEI's or
CCI's SEC filings with respect to the transaction, are among the
factors that could cause actual events or results to differ
materially from CEI's or CCI's current expectations described
herein. Media Contacts: Ellen East - CCI(404) 843-5281 Bob Jimenez
- CEI (678) 645-0070 Investor Contacts: Richard Jacobson - CEI
(678) 645-0111 Lacey Lewis - CCI(404) 269-7608 DATASOURCE: Cox
Enterprises; Cox Communications, Inc. CONTACT: Media, Ellen East of
CCI, +1-404-843-5281, ; Bob Jimenez of CEI, +1-678- 645-0070 or ,
or Investors, Richard Jacobson of CEI, +1-678-645-0111 or ; or
Lacey Lewis of CCI, +1-404-269-7608 Web site:
http://www.coxenterprises.com/ http://www.cox.com/
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