Internet Technology - Re Merger Agreement

RNS Number:5275D
Internet Technology Group PLC
10 January 2000
                                 
                   INTERNET TECHNOLOGY GROUP PLC
                                 
                              ('ITG')
                                 
                CONCENTRIC TO COMBINE WITH NEXTLINK    


Concentric  Network Corporation and NEXTLINK Communications,  Inc.
announced today that they have agreed to merge by way of  a  share
exchange ('the NEXTLINK Merger').

The  agreement between Concentric and NEXTLINK will create a next-
generation, broadband communications company that will  provide  a
full range of voice, data and Internet communications services for
businesses  worldwide.  The transaction, valued  at  approximately
$2.9  billion, is expected to close in the second quarter of  this
year.  It has been unanimously approved by the Boards of Directors
of   Concentric  and  NEXTLINK  and  is  subject  to  approval  by
Concentric's shareholders.

As  a  consequence of this important development the Committee  of
Independent  Directors of ITG has resolved to  adjourn  the  Court
Hearing  which had been expected to take place on 12 January  2000
before the Court of Session, Edinburgh, to sanction the merger  of
ITG and Concentric Network Corporation ('the Concentric Offer').

The Committee of Independent Directors of ITG has decided that all
ITG Shareholders should be allowed the opportunity to revise their
Mix  and  Match Elections under the Concentric Offer in  light  of
this  development and will circulate forms to allow them to do  so
together  with  a circular containing full information  about  the
NEXTLINK  Merger  during  the course of  this  week.   It  is  now
expected that the Court Hearing will take place in late January.


Enquiries:

Internet Technology Group plc     Tel: 020 8957 1180
Laurence Blackall                 Email: lb@itg.net.uk
Richard Brocksom                  Email: rb@itg.net.uk

College Hill                      Tel: 020 7457 2020
Nicola Weiner                     Email: nicola@collegehill.co.uk

END
MSCGUUUUGUPUGMU

Ithaca Energy (LSE:ITH)
過去株価チャート
から 6 2024 まで 7 2024