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AT&T Board Rejects Comcast Takeover Bid web hosting news |
Want to add a web hosting news article ? Just do'it, it's free! Use submit form for hosting news!| AT&T Board Rejects Comcast Takeover Bid Jul 19, 2001 | AT&T Corp. (att.com) announced Wednesday that, its Board of Directors had unanimously voted to reject a proposal by Comcast Corporation (comcast.com) proposal to acquire AT&T Broadband.
The board says that after careful review, and based in part on the advice
and analysis of its financial advisors, that Comcast's bid did not reflect
the full value of AT&T Broadband.
The company said that its Board has directed management to explore financial
and strategic alternatives relating to AT&T Broadband, and emphasized that
it remains committed to separating AT&T Consumer and AT&T Business from its
broadband entity.
C. Michael Armstrong, AT&T chairman and CEO, articulated his Board's
concerns in a publicly released letter to Comcast executives. "Our board of
directors today considered your July 8, 2001, proposal to
acquire AT&T Broadband and unanimously voted to reject it," the letter read.
"Further, the board is concerned that Comcast's multi-tier voting structure
would put AT&T shareholders at a disadvantage in matters of corporate
governance."
AT&T Broadband, which owns the largest cable network in the U.S., recently
announced plans to expand into the DSL service industry, which competes
directly with cable. | Reads: 929 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/att719.cfm
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