Shareholders Approve Mannesmann Offer & Other News
Vodafone AirTouch PLC
24 January 2000
VODAFONE AIRTOUCH SHAREHOLDERS
OVERWHELMINGLY APPROVE MANNESMANN OFFER
AND BELL ATLANTIC JOINT VENTURE
Vodafone AirTouch Plc ('Vodafone AirTouch') announces that its
shareholders today approved Vodafone AirTouch's Offer for
Mannesmann and the formation of its US joint venture with Bell
Atlantic. The resolutions proposed at Vodafone AirTouch's
Extraordinary General Meeting were carried by an overwhelming
majority and the proxy votes cast before the meeting showed
over 98 per cent in favour of the proposals.
On 14 January the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 was terminated early and on
18 January Vodafone AirTouch announced that it had waived the
condition relating to its bid for 3G spectrum. As a result of
today's endorsement by shareholders, many of whom also hold
shares in Mannesmann, and subject to the listing of the new
Vodafone AirTouch shares to be issued to Mannesmann
Shareholders, only one condition to the Offer for Mannesmann
remains to be satisfied - the receipt of valid acceptances in
respect of more than 50 per cent of Mannesmann Shares.
Chris Gent, Chief Executive of Vodafone AirTouch, commented:
'Vodafone AirTouch's shareholders have once again demonstrated their
continued strong support for our strategy to become Europe's
global telecoms leader by overwhelmingly approving the offer
for Mannesmann and our joint venture with Bell Atlantic.
The offer for Mannesmann represents an outstanding opportunity
to create a new global force in mobile telecommunications, with
greater growth prospects than those of either Vodafone
AirTouch or Mannesmann alone. Vodafone AirTouch's offer also
provides Mannesmann Shareholders with 47.2 per cent of the
Combined Group, which represents a substantial premium to any
other relevant measure of Mannesmann's contribution to the
combination.
I remind all Mannesmann Shareholders that Vodafone AirTouch's offer
period ends on 7 February 2000. I urge them to accept the
Offer without delay.'
Enquiries:
Vodafone AirTouch
Terry Barwick, Director of Corporate Affairs, or
Tim Brown, Investor Relations Director, or
Melissa Stimpson, Senior Investor Relations Manager, or
Mike Caldwell, Corporate Communications Director
Telephone: +44 (0)1635 33 251
Goldman Sachs International Tavistock Communications
Scott Mead Lulu Bridges
Simon Dingemans Telephone: +44 (0)171 600 2288
Telephone: +44 (0)171 774 1000
Warburg Dillon Read Financial Dynamics
Warren Finegold Perry Hall
Mark Lewisohn Telephone: +49 69 971 68123
Telephone: +44 (0)171 567 8000
Words defined in the press release dated 19 November 1999 shall
have the same meaning in this announcement unless the context
requires otherwise.
This press release does not constitute an offer to exchange or
sell or an offer to exchange or buy any securities.
The contents of this announcement have been approved by Goldman
Sachs International and Warburg Dillon Read, the investment
banking division of UBS AG, solely for the purposes of
Section 57 of the Financial Services Act 1986. Goldman Sachs
International and Warburg Dillon Read, each of which is
regulated in the United Kingdom by The Securities and Futures
Authority Limited, are acting for Vodafone AirTouch and for
no one else in connection with the Offer and will not be
responsible to anyone other than Vodafone AirTouch for
providing the protections afforded to customers of Goldman
Sachs International or Warburg Dillon Read or for giving
advice in relation to the Offer.
The Offer in the United States is being made through a
prospectus which is part of an effective registration
statement filed with the U.S. Securities and Exchange
Commission. Mannesmann Shareholders who are U.S. persons or
are located in the United States are advised to read the
registration statement because it contains important
information relating to the Offer. You can inspect and copy
the registration statement relating to the Offer and
documents incorporated by reference therein at the public
reference facilities maintained by the U.S. Securities and
Exchange Commission at 450 Fifth Street, N.W., Room 1024,
Washington D.C. 20549. In addition, copies of the US Offer
Document are available from The Bank of New York, 101 Barclay
Street, Lobby Window, New York, NY 10286.
For additional information regarding risks, see the
Registration Statement on Form F-4 and other reports of
Vodafone AirTouch Plc on file with the Securities and
Exchange Commission. Copies of these filings are available
on request directed to Vodafone AirTouch, Investor Relations,
Tim Brown (tel: + 44 1635 682 373).
It is the responsibility of any person receiving a copy of this
announcement in any jurisdiction other than the United
Kingdom, Germany and the United States to satisfy themselves
as to the full observance of the laws and regulatory
requirements of the relevant jurisdiction, including the
obtaining of any governmental or other consent which may be
required or observing any other formalities needing to be
observed in such jurisdiction. Receipt of this announcement
will not constitute an offer in those jurisdictions in which
it would be illegal to make such an offer and in such
circumstances it will be deemed to have been sent for
information purposes only.
Statements in this press release relating to future status or
circumstances, including statements regarding future
performance, costs, revenues, cash flows, earnings,
divestments, growth and other trend projections and the
synergistic benefits of the merger are forward-looking
statements. These statements may generally, but not always,
be identified by the use of words such as 'anticipates',
'should', 'expects', 'estimates', 'believes', or similar
expressions. By their nature, forward-looking statements
involve risk and uncertainty because they relate to events
and depend on circumstances that will occur in the future.
There can be no assurance that actual results will not differ
materially from those expressed or implied by these forward-
looking statements due to many factors, many of which are
outside Vodafone AirTouch's control, including steps that
Mannesmann's management may take to frustrate Vodafone
AirTouch's efforts to obtain managerial control of
Mannesmann, increase the costs or reduce the benefits of the
transaction, the triggering of change of control provisions
in Mannesmann's licences or other agreements, the ability to
obtain regulatory approvals without onerous conditions, the
impact of labour disputes, the risk of negative impacts on
Vodafone AirTouch's credit ratings, the potential costs,
including tax costs, of divesting Orange and Mannesmann's
industrial businesses, limitations on Vodafone AirTouch's
ability to control Mannesmann due to voting restrictions and
other provisions of Mannesmann's charter and German law,
general economic conditions, competition, technical
difficulties and the need for increased capital expenditure
(such as that resulting from increased demand for usage, new
business opportunities and deployment of new technologies)
and the ability to realise benefits from entering into
partnerships for developing data and internet services.