| Fri 15 Jun 2001, 0:00 | | Dimension Data Holdings Plc Completes Tender Offer |
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DIMENSION DATA HOLDINGS PLC COMPLETES TENDER OFFER FOR SHARES OF PROXICOM,
INC.
London, England (June 15, 2001) -- Dimension Data Holdings plc ("Dimension
Data") announced the successful completion of its tender offer for all
outstanding shares of common stock of Proxicom, Inc. ("Proxicom") (Nasdaq:
PXCM) at a price of $7.50 per share in cash. As scheduled, the offer
expired at 12:00 midnight, New York City time, on June 14, 2001.
Commenting on the transaction, Jeremy Ord, Chief Executive Officer and
Chairman of Dimension Data, said:
"We are delighted to announce the successful completion of our tender offer
for Proxicom. This marks a significant milestone in our global expansion
policy of creating a new category of systems integrator, as we provide total
integration and connectivity services and solutions to our customers
worldwide."
Based upon preliminary information provided by Bankers Trust Company, the
depositary for the tender offer, approximately 56,301,852 shares of Proxicom
common stock were tendered (including approximately 1,955,616 shares
tendered pursuant to procedures for guaranteed delivery) out of
approximately 58,453,217 shares currently outstanding, or approximately
96.3% of all outstanding shares.
Dimension Data, through its indirect wholly-owned subsidiary Putter
Acquisition Corp., has accepted for payment all shares validly tendered and
not properly withdrawn at 12:00 midnight, New York City time on June 14,
2001. Proxicom shareholders who tendered their shares in the tender offer
will receive payment shortly.
Dimension Data intends to cause Putter Acquisition Corp. to merge with
Proxicom on June 18, 2001 or as soon as practicable thereafter. The merger
is expected to be consummated without a vote or meeting of Proxicom's
stockholders. In the merger, each of the remaining shares of Proxicom
common stock, other than shares for which appraisal rights are properly
demanded, will be converted into the right to receive $7.50 in cash, without
interest. Proxicom will then become a wholly-owned subsidiary of Dimension
Data.
Raul Fernandez, Founder, Chief Executive Officer and Chairman of Proxicom,
said:
"Today is a landmark day for Proxicom as the company realizes its 10-year
goal of becoming a leading global business that serves clients worldwide.
Joining Dimension Data enables Proxicom to address the next state of the
Internet by offering integrated services ranging from expert e-business
solutions to managed operations and networking services. This combination
of our companies' most valued asset, the exceptional group of committed
employees, will be the
reason behind our future ongoing success."
