Cash Influx Leads the Fairchild Corporation to Revise Terms of Its Proposed Common Stock Offering.NEW YORK--(BUSINESS WIRE)--Dec. 8, 1997--The Fairchild Corporation (NYSE NYSE See: New York Stock Exchange : FA) announced today that it plans to revise the terms of its pending Class A Common Stock offering to reduce the number of shares being offered from 5 million to 3 million, as a result of the Company's pending disposition of its 42 percent ownership in Shared Technologies Fairchild Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : STCH STCH Store High Conditions ) to Intermedia Intermedia - A hypertext system developed by a research group at IRIS (Brown University). Communications Inc. (NASDAQ: ICIX) for $15 per share, payable in cash. The Company expects to receive approximately $180 million from the transaction, of which $85 million has already been received. The balance is expected in the first three months of 1998. The Intermedia transaction replaces an earlier merger agreement with Tel-Save Holdings, Inc. (NASDAQ: TALK) under which the Company would have received consideration primarily in restricted stock. The proceeds from the Intermedia transaction, together with a new bank credit facility and the proceeds from the sale of 3 million primary shares, will enable Fairchild to retire all of its public debt. The Company has amended its registration statement to reflect the reduction in the amount of shares being offered. CONTACT: Fairchild: David Wynne-Morgan, 212-308-6700 or WMC WMC Winter Music Conference WMC Weill Medical College (Cornell University) WMC Wisconsin Manufacturers and Commerce (Madison, WI) WMC Westchester Medical Center WMC Western Mining Corporation Communications: Allan Priaulx, 212-338-0050 |
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