NEWTEL IRELAND AB Cash offer for ESAT TELECOM GROUP PLC

The board of Newtel Ireland AB confirms that, following the announcement last week by the Governments of Norway and Sweden that the merger of Telenor AS and Telia AB to form Newtel AB is to be unwound, Newtel AB has agreed to sell the shares held by it in Newtel Ireland AB to Telenor AS. Consequently, Newtel Ireland is a wholly owned subsidiary of Telenor AS and is being renamed Telenor Ireland AB.

Published: 21 November 1999 12:00

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Following these developments, and with the agreement of the Irish Takeover Panel, the board of Newtel Ireland confirms that, as a wholly owned subsidiary of Telenor AS, its Offer for the entire issued share capital of Esat Telecom Group Plc announced on 1 December 1999 will continue on the terms and subject to the conditions set out in the Offer Document dated 3 December 1999.


HSBC, Wasserstein Perella & Co. and AIB Corporate Finance confirm that Newtel Ireland continues to have the necessary financial resources to satisfy full acceptance of the Offer.



NB NB:


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.



The Directors of Newtel Ireland AB accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of such Directors (who have taken all reasonable care to ensure that such is the case), such information is in accordance with the facts and does not omit anything likely to affect the import of such information.



Each of HSBC and Wasserstein Perella & Co., which are regulated in the United Kingdom by the Securities and Futures Authority Limited, and AIB Corporate Finance, which is regulated in Ireland by the Central Bank of Ireland, is acting for Telenor AS and Newtel Ireland and no one else in connection with the Offer and will not be responsible to anyone other than Telenor AS and Newtel Ireland for providing the protections afforded to customers of HSBC, Wasserstein Perella & Co. and AIB Corporate Finance respectively or for providing advice in relation to the Offer.