Commission of the European Communities Gives Regulatory Approval for Seagram's Proposed Acquisition of PolyGram.MONTREAL--(BUSINESS WIRE)--Sept. 21, 1998--The Seagram The Seagram Company Ltd. was a large corporation headquartered in Montreal, Quebec, Canada that was the largest distiller of alcoholic beverages in the world. Toward the end of its independent existence it also controlled various entertainment and other business ventures. Company Ltd., Royal Philips (company) Philips - A Dutch multinational electronics company. It produces washing machines, consumer electronics, integrated circuits and light bulbs. Together with Sony they set the Compact Disc standard, especially Green Book CD-ROM. Electronics and PolyGram polygram a tracing made by a polygraph. N.V. announced today that the Commission of the European Communities European Community: see European Union. European Community (EC) Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community. has given regulatory approval for Seagram's proposed acquisition of PolyGram. The Commission did not impose any conditions or undertakings on its approval of the proposed transaction. This announcement does not constitute the making of a tender offer for PolyGram shares. Seagram's obligation to commence the tender offer is subject to customary conditions, including preparation of the offering documents, obtaining necessary approvals from securities regulators, and the absence of defined materially adverse changes or events. The tender offer, which is expected to commence in October October: see month. 1998 and to be completed in the fourth quarter of this year, will also be subject to several customary conditions, including that 95 percent of PolyGram's issued share capital be tendered and the absence of defined materially adverse changes or events. Offering documents, including the Notice of Offer (in Dutch: biedingsbericht), required under the applicable Dutch rules and regulations, will be made available at the time the tender offer is commenced. |
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