Printer Friendly

QVC OFFERS TO CONVERT WARRANTS

 WEST CHESTER, Pa., Dec. 23 /PRNewswire/ -- QVC Network, Inc. (NASDAQ: QVCN) announced today that it has made a limited-term offer to all of its warrentholders to exchange any or all outstanding warrants for shares of QVC Common Stock.
 The offer to warrantholders will be kept open until 11:59 p.m. on Dec. 28, 1992.
 In exchange for warrants that are tendered in response to that offer, QVC will issue shares of QVC Common Stock equivalent in value to the difference between the warrant exercise price and a conversion price of $37.75 per share. The conversion price was based on the average of the closing prices for QVC Common Stock for the five trading days ending Dec. 22, 1992.
 Liberty Media Corporation, and its affiliates, and Time-Warner, Inc. and its affiliates, have indicated that they intend to accept the offer with respect to warrants to purchase approximately 5,700,000 shares, which would result in the issuance of approximately 3,500,000 shares of Common Stock.
 To the extent that warrantholders elect to accept the offer and exchange their warrants for shares of QVC Common Stock, there will be no net cash proceeds from the exercise of the warrants. If all of the warrantholders accept the offer, QVC will issue approximately 5,800,000 shares of Common Stock. If none of the warrantholders accept the offer and all of the warrants were exercised at the exercise price, QVC would receive approximately $140 million in aggregate gross proceeds and would issue 9,500,000 shares of Common Stock.
 /delval/
 -0- 12/23/92
 /CONTACT: William F. Costello of QVC, 215-430-8938/
 (QVCN)


CO: QVC Network, Inc. ST: Pennsylvania IN: ENT SU:

MJ-JS -- PH023 -- 9713 12/23/92 16:56 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 23, 1992
Words:289
Previous Article:INTEGRA BANK/PITTSBURGH MAKES A $1.1 MILLION EQUITY INVESTMENT IN CITY PRIDE BAKERY
Next Article:GREAT AMERICAN INSURANCE COMPANY ANNOUNCES EXTENSION OF TENDER OFFER FOR COMMON STOCK OF STI GROUP, INC.
Topics:


Related Articles
QVC ANNOUNCES $4.8 BILLION CASH TENDER OFFER FOR 51 PERCENT OF PARAMOUNT SHARES; BEGINS LITIGATION AGAINST PARAMOUNT, VIACOM
QVC ANNOUNCES $4.8 BILLION CASH TENDER OFFER FOR 51 PERCENT OF PARAMOUNT SHARES; BEGINS LITIGATION AGAINST PARAMOUNT, VIACOM
QVC SECURES FINANCING TO COMPLETE TENDER OFFER FOR PARAMOUNT COMMUNICATIONS
PARAMOUNT COMMUNICATIONS ANNOUNCES MERGER AGREEMENT
CBS AND QVC ANNOUNCE TERMS OF POSSIBLE BUSINESS COMBINATION
COMCAST CORPORATION PROPOSES TO ACQUIRE QVC
COMCAST AND LIBERTY MEDIA SIGN MERGER AGREEMENT WITH QVC; PRICE INCREASED TO $46 PER SHARE
COMCAST AND TCI TENDER OFFER FOR QVC COMPLETED
Sel-Leb Marketing to Premier the Regis Philbin - Beau Brummel Mens Accessory Line On QVC December 7, 1996
Comcast Corporation and QVC, Inc. to Invest $40.8 Million in Global Sports For 19% Stake in Company.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters