CBCI Board Recommends Acceptance of Offer From Tandberg.MONTREAL--(BUSINESS WIRE)--May 20, 1997--CBCI (ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CAN.) The board of directors of CBCI Telecom Inc. ("CBCI") announced today that it recommends acceptance of the offer to purchase all of the common shares of CBCI at a price of $6.60 per share made by Tandberg ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and on May 12, 1997, as being in the best interest of the shareholders of CBCI. In reaching its conclusion, the board considered a number of factors including its assessment of the corporation's business, assets, financial condition, results of operations and future prospects, the recommendation of the Independent Committee of the board and of its independent financial advisors, the corporation's industry segment and competitive position, historical market prices and recent trading patterns Trading pattern Long-range direction of a security or commodity futures price, charted by drawing one line connecting the highest prices the security has reached and another line connecting the lowest prices at which the security has traded over the same period. of the common shares of CBCI and of other companies engaged in similar businesses, the absence of other alternatives available to CBCI shareholders, and the reduced market liquidity following completion of the offer given that shareholders holding approximately 65 percent of the outstanding common shares of CBCI have irrevocably ir·rev·o·ca·ble adj. Impossible to retract or revoke: an irrevocable decision. ir·rev agreed to deposit their shares under the offer. The board accordingly recommends that the offer be accepted and that shareholders tender their common shares to Tandberg. The board has been informed that all of the directors and senior executives who hold common shares or options in CBCI intend to accept the offer. CBCI Telecom Inc. manufactures, markets and services a comprehensive portfolio of general purpose and application specific visual communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. for business, health care, education and interactive kiosk An Interactive kiosk is a computer terminal that provides information access via electronic methods. Interactive kiosks sometimes resemble telephone booths, but can also be used while sitting on a bench or chair. markets. CONTACT: CBCI Telecom Inc. Jeffrey Speak, 514/748-5224, ext. 6400 |
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