Vodafone AirTouch PLC
22 November 1999
MANNESMANN AG ('MANNESMANN')
The following is the text of a press release made on 19 November by
Mannesmann:
'After today's Supervisory Board meeting
Mannesmann comments on Vodafone AirTouch offer
The Supervisory Board has reviewed the report of the Executive Board
regarding the interest of Vodafone AirTouch in the acquisition of Mannesmann.
The Executive Board has substantiated its rejection of Vodafone AirTouch's
first proposal to exchange one Mannesmann share for 43.7 Vodafone AirTouch
shares as entirely unattractive. The Supervisory Board supports this
decision.
The Executive Board has emphasised that its focus on shareholder value also
applies to takeover proposals against cash and/or shares. Any proposal will
be examined with respect to the value potential of the Mannesmann share.
Shareholder value management is focused on long term value maximisation while
giving due consideration to the interests of customers, employees and the
social environment.
The Executive Board has reported to the Supervisory Board that the exchange
ratio put forward today by Vodafone AirTouch of 53.7 Vodafone shares per
Mannesmann share continues to undervalue the Mannesmann share.
The Supervisory Board will meet again on 28.11.99 to discuss the future
development of the take-over attempt.'
Enquiries:
MANNESMANN
Manfred Soehnlein,
Director, Media Relations
Telephone: +49-211-820 2323
The members of the Management Board of Mannesmann accept responsibility for
the information contained in this announcement. To the best of the knowledge
and belief of the members of the Management Board of Mannesmann (who have
taken all reasonable care to ensure that such is the case) such information
is in accordance with the facts and does not omit anything likely to affect
the import of such information.
This announcement has been issued by, and is the sole responsibility of,
Mannesmann AG ('Mannesmann') and has been approved for the purposes of
section 57 of the Financial Services Act, 1986 by Merrill Lynch International
('Merrill Lynch') and Morgan Stanley & Co. Limited ('Morgan Stanley') which
are regulated in the UK by the Securities and Futures Authority Limited and
are financial advisers to Mannesmann in the connection with the offer for
Orange PLC ('the Orange Offer') and the Vodafone AirTouch proposal to acquire
Mannesmann ('the Mannesmann Proposal'). The Orange Offer is not being made
in or into, and it may not be accepted in or from, the United States.
Merrill Lynch and Morgan Stanley are advising Mannesmann in relation to the
Orange Offer and the Mannesmann Proposal and no-one else and will not be
responsible to anyone other than Mannesmann for providing the protections
afforded to customers of Merrill Lynch and Morgan Stanley nor for providing
advice in relation to the Orange Offer or the Mannesmann Proposal.
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