TELENOR IRELAND and the Increased Cash Offer for ESAT TELECOM GROUP PLC
the offer is wholly in cash and fully financed;
it is at a level which represents a 93 per cent. premium to the average Esat ADS closing price during the 90 days ended on 30 November 1999, the day prior to the announcement of the Initial Offer, and a 47 per cent. premium to the Esat ADS closing price on 29 November 1999, the day before Telenor approached Esat;
it represents a very substantial premium to the intrinsic value of Esat's businesses, on any reasonable measure.
The first closing date for the increased offer is 14 January 2000. Shareholders will wish to consider what the Esat share price would be in the absence of Telenor's offer. Shareholders are encouraged to take their own view and accept without delay.
NB to editors:
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.
Press enquiries
Telenor:
Terje Thon: +47 22 77 76 26
Morten Karlsen Sørby: +47 22 77 99 14
Sissel Faller: +47 900 86 155
HSBC:
Richard Tolkien: +44 171 336 9000
Desmond Connor: +44 171 336 9000
AIB Corporate Finance:
John O'Donnell: +353 1 667 0233
Ken McGrath: +353 1 667 0233
Wasserstein Perella & Co.:
Howard Covington: +44 171 446 8000
Brunswick Group Limited:
Rurik Ingram: +44 171 404 5959
Patrick Handley: +44 171 404 5959
Gibney Communications:
Ita Gibney: +353 1 661 0402
This announcement and all public documents issued by Telenor Ireland pertaining to its offer for Esat can be visited on the following web site:
www.moreinfo.co.uk/telenor
The Directors of Telenor Ireland 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 Telenor Ireland and no one else in connection with the Offer and will not be responsible to anyone other than Telenor AS and Telenor 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.
