the offer is wholly in cash and fully financed;
it is at a level which represents a 93 per cent. premium to the average Esat ADS closing price during the 90 days ended on 30 November 1999, the day prior to the announcement of the Initial Offer, and a 47 per cent. premium to the Esat ADS closing price on 29 November 1999, the day before Telenor approached Esat;
it represents a very substantial premium to the intrinsic value of Esat's businesses, on any reasonable measure.
The first closing date for the increased offer is 14 January 2000. Shareholders will wish to consider what the Esat share price would be in the absence of Telenor's offer. Shareholders are encouraged to take their own view and accept without delay.
NB to editors:
Not for release, publication or distribution, in whole or in part, in or into Canada, Australia or Japan. This announcement is not an extension of a tender offer in Canada, Australia or Japan.