MTS acquisition of Allstream completed
05 June 2004 - 12:46AM
PR Newswire (US)
MTS acquisition of Allstream completed TORONTO, June 4
/PRNewswire-FirstCall/ -- Allstream Inc. (TSX:ALR.A; ALR.B; NASDAQ:
ALLSA; ALLSB ("the Company" or "Allstream") announced that Manitoba
Telecom Services Inc. ("MTS") today completed its acquisition of
Allstream Inc., in a transaction that has created a new formidable
national provider with a strong platform for growth. As part of
today's closing, MTS has acquired all of the Allstream Class A
Voting and Class B Limited Voting Shares for exchange with MTS
shares and cash. Allstream's shares are being delisted from the
Toronto Stock Exchange and the NASDAQ National Market system.
Allstream shareholders should contact their advisors for more
information. Bell Canada has commenced a legal proceeding against
Allstream Inc. claiming damages of $150 million from Allstream for
conspiracy and inducing MTS to breach certain obligations to Bell
Canada. MTS has advised Allstream that MTS will vigorously defend
all of the Bell Canada legal proceedings. About Allstream Allstream
is a leading communication solutions provider with a world-class
portfolio of Connectivity, Infrastructure Management and IT
Services. Focused on the business market, Allstream collaborates
with customers to create tailored solutions that meet their unique
needs and help them compete more effectively. Spanning more than
18,800 kilometres, Allstream has an extensive broadband fibre-optic
network and the greatest reach of any competitive communication
solutions provider in Canada, and provides international
connections through strategic partnerships and interconnection
agreements with other international service providers. Allstream is
a division of MTS Allstream Inc., Canada's third largest
communications provider with 7,000 dedicated employees focused on
delivering outstanding value to its customers. For more information
about MTS, please visit: http://www.mts.ca/. DATASOURCE: Allstream
Inc. CONTACT: Media: May Chong, Allstream, (416) 345-2342, ;
Investors and Analysts: Brock Robertson, (416) 345-3125, ; Dan
Coombes, (416) 345-2326,
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