VimpelCom unit sets subsequent offering period in bid for Golden Telecom

By Lisa Kerner

Charlotte, N.C., Feb. 19 - Golden Telecom, Inc. shareholders tendered 36,533,255 shares, or 90.5%, of the company's stock in Vimpel-Communications' (VimpelCom) offer for the company that ended on Feb. 15.

The number includes a total of 1,239,567 shares delivered through notice of guaranteed delivery.

VimpelCom said its indirect wholly owned subsidiary, Lillian Acquisition, Inc., accepted for payment all of the validly tendered shares at the per-share purchase price of $105 in cash.

Lillian Acquisition immediately began a subsequent offering period for all remaining shares of Golden Telecom at the same $105-per-share price.

The subsequent offering period ends at 5 p.m. ET on Feb. 26.

Following the subsequent offering period, VimpelCom Finance BV, a direct wholly owned subsidiary of VimpelCom, will merge into Golden Telecom, according to a company news release.

In December the companies announced that VimpelCom would acquire Golden Telecom for $4.3 billion in a move that would boost VimpelCom's presence in the broadband, data and mobile markets.

"We are looking forward to growing the combined business together with the management of Golden Telecom and to benefiting from our respective expertise and strengths," VimpelCom chief executive Alexander Izosimov said in the news release.

"Indeed, we have already started planning our integration activities and are confident of realizing significant additional value for our shareholders."

VimpelCom is a Moscow-based wireless telecommunications services company.

Golden Telecom, also based in Moscow, provides telecommunications and internet services in Russia and other countries of the Commonwealth of Independent States.

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