AT&T confirms merger agreement of AT&T Capital.NEW YORK--(BUSINESS WIRE)--June 6, 1996--AT&T today confirmed that its leasing subsidiary, AT&T Capital Corporation, has entered a definitive merger agreement with a consortium expected to consist of certain members of AT&T Capital's management; GRS GRS Graduate School (universities) GRS Great Red Spot (feature of Jupiter) GRS Gender Reassignment Surgery GRS Gamma Ray Spectrometer GRS Graduation Rate Survey GRS General Records Schedules Holding Company Ltd., which owns a rail-leasing company in the U.K.; and Babcock & Brown, a San Francisco-based leasing-, asset- and project-financing advisory firm, for $45 a share, or approximately $2.2 billion. Financing for the consortium is being arranged by the London-based Nomura International plc, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of The Nomura Securities Co., Ltd., one of the world's leading investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. . AT&T, which holds 86 percent of AT&T Capital, is a party to and has executed the merger agreement, along with a written consent, to transfer AT&T Capital to the consortium. The merger valuation is based on nearly 47 million shares and more than 2.2 million options of AT&T Capital outstanding, which include the 14-percent interest held by minority stockholders. "The merger agreement for AT&T Capital achieves another significant milestone in our strategic restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). ," said AT&T Chairman Robert E. Allen. "It's good for shareowners and employees, and it shows that our overall restructuring plan is on track. "I'm particularly delighted with this outcome because it means that AT&T Capital will remain intact, led by an excellent management team and employees who have served AT&T superbly for more than a decade." Allen announced plans last September to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. AT&T Capital as part of the strategic restructuring undertaken so that AT&T's communications services, systems and technology, computer and leasing businesses could take maximum advantage of opportunities in their respective markets and serve their customers well. In addition to the proposed merger of AT&T Capital, AT&T concluded the largest initial public offering in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. when 17.6 percent of Lucent Technologies, the systems and technology company, was sold to the public in April for about $3 billion. AT&T plans to spin off the remainder of Lucent and NCR (NCR Corporation, Dayton, OH, www.ncr.com) A technology company specializing in financial terminal transactions, retail systems and data warehousing. Until the late 1990s, NCR was heavily invested in the hardware side of the industry, known worldwide as a major manufacturer of computers Corp., the computer company, to AT&T shareowners later this year. CONTACT: AT&T Jim Byrnes Jim Byrnes may refer to:
908-689-6040 (home); jbyrnes@attmail.com or Eileen M. Connolly, 908-221-6731 (office); 913-361-4615 (home); econnolly@attmail.com |
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