TELENOR WILL NOT BE EXTENDING ITS OFFER ON ESAT TELECOM plc
Fornebu
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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.
(Oslo, 11. Jan 2000) The Board of Telenor Ireland notes the announcement by British Telecommunications plc ("BT") of a recommended cash offer for Esat Telecom Group plc ("Esat") for US$ 100 for each Esat ADS. This represents a price which Telenor Ireland does not believe it would be appropriate to pay. Accordingly, it will not be extending its offer of US$ 85 per ADS beyond 14 January 2000.
Telenor notes BT's statement that it looks forward to working with Telenor to ensure the continued success of Esat Digifone. Telenor also notes BTs statement that it has acquired 1 percent of Esat Digifone. Telenor has been advised that such an acquisition would be contrary to the pre-emption provisions contained in the Esat Digifone shareholders agreement and articles of association; Telenor is discussing the position with BT.