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724 Solutions accepts revised Austin Ventures proposal.

TELECOMWORLDWIRE-13 March 2006-724 Solutions accepts revised Austin Ventures proposal(C)1994-2006 M2 COMMUNICATIONS LTD

724 Solutions Inc (Nasdaq:SVNX; TSX:SVN), a provider of next-generation IP-based network and data services, announced on Friday (10 March) that Austin Ventures has submitted a revised non-binding proposal to acquire all of the outstanding common shares of 724 Solutions not owned by Austin Ventures.

The revised offer is a cash consideration of USD3.34 per common share, an increase of USD0.27 per share from the original proposal.

The revised proposal has been accepted by 724 Solutions in conjunction with its financial and legal advisors. This proposal will terminate on 6 April 2006 in the event that a definitive arrangement agreement is not reached.

According to 724 Solutions, as in the prior proposal Austin Ventures has proposed that the transaction be effected by way of a court-approved plan of arrangement. Besides court approval, the transaction would require the approval of the shareholders of 724 Solutions.

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Comment:724 Solutions accepts revised Austin Ventures proposal.
Article Type:Brief Article
Geographic Code:1CANA
Date:Mar 13, 2006
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