C&W Completes Tender Offer for Digital Island Common Stock
📅 - Cable and Wireless (cwusa.com) and its wholly owned subsidiaries, Cable & Wireless USA, Inc. and Dali Acquisition Corp., announced today the completion of their tender offer for all of the issued and outstanding shares of common stock of Web hosting company Digital Island, Inc. which expired at 12:00 midnight EST on Monday.
The companies are also providing for a subsequent offering period which begins today and ends Tuesday, July 17, 2001. During this offering period, shares of Digital Island common stock will be accepted and promptly paid for as they are tendered. The same per share consideration paid during the initial offering period will be paid during the subsequent offering period. Shares of Digital Island common stock tendered during the subsequent offering period may not be withdrawn.
Also as described in the Offer to Purchase, following the subsequent offering period, Cable & Wireless intends to cause Dali Acquisition Corp. to merge with and into Digital Island. In connection with the merger, the remaining stockholders of Digital Island will receive the same per share consideration that they would have received in the Offer, subject to the exercise of appraisal rights under Delaware law. It is currently anticipated that the merger will be completed during the second half of the third calendar quarter of 2001. When the merger is completed, Digital Island will become a wholly owned subsidiary of Cable & Wireless.
The two companies announced May 14, that C&W would acquire Digital Island at a price of $3.40 per share in cash.
The companies are also providing for a subsequent offering period which begins today and ends Tuesday, July 17, 2001. During this offering period, shares of Digital Island common stock will be accepted and promptly paid for as they are tendered. The same per share consideration paid during the initial offering period will be paid during the subsequent offering period. Shares of Digital Island common stock tendered during the subsequent offering period may not be withdrawn.
Also as described in the Offer to Purchase, following the subsequent offering period, Cable & Wireless intends to cause Dali Acquisition Corp. to merge with and into Digital Island. In connection with the merger, the remaining stockholders of Digital Island will receive the same per share consideration that they would have received in the Offer, subject to the exercise of appraisal rights under Delaware law. It is currently anticipated that the merger will be completed during the second half of the third calendar quarter of 2001. When the merger is completed, Digital Island will become a wholly owned subsidiary of Cable & Wireless.
The two companies announced May 14, that C&W would acquire Digital Island at a price of $3.40 per share in cash.
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