OzEmail takeover complete

The takeover of Australia's largest Internet service provider, OzEmail, by telecommunications carrier, MCI WorldCom, has finally taken place. This follows an announcement by the ISP to the Australian Stock Exchange that the sale of the outstanding 107,424 ordinary shares at $US2.20 to MCI's subsidiary UUNet Holdings was approved.

Originally the deal was set to be finalised on February 9, but was extended to February 24 after MCI failed to secure the support of the required number of shareholders.

The deal had already been accepted in January by OzEmail directors Sean Howard, Trevor Kennedy and Malcolm Turnbull who had a combined 54 per cent share of the company. The Foreign Investment Review Board (FIRB) and the Australian Securities and Investment Commission (ASIC) had also approved the takeover.

OzEmail will become the Internet arm of UUNet Australia.

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