John Corn
12-18-02, 05:27 AM
LITTLETON, Colo.--(BUSINESS WIRE)--Dec. 18, 2002--EchoStar Communications Corporation (Nasdaq:DISH) announced today that it has agreed to repurchase Vivendi Universal's stake in EchoStar.
As part of this transaction, Vivendi Universal will convert its Series D Convertible Preferred Stock into approximately 57.6 million shares of EchoStar Class A Common Stock. These shares will then immediately be acquired by EchoStar at a price of $18.50 per common share, for a total transaction price of approximately $1.066 billion. The transaction will close Dec. 23, 2002.
As a result of this transaction, Vivendi Universal's contingent value rights under the companies' original investment agreement will be terminated. The termination of these contingent value rights will result in an approximate $170 million non-cash gain for EchoStar in the fourth quarter of 2002.
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=dish&script=410&layout=-6&item_id=364806
As part of this transaction, Vivendi Universal will convert its Series D Convertible Preferred Stock into approximately 57.6 million shares of EchoStar Class A Common Stock. These shares will then immediately be acquired by EchoStar at a price of $18.50 per common share, for a total transaction price of approximately $1.066 billion. The transaction will close Dec. 23, 2002.
As a result of this transaction, Vivendi Universal's contingent value rights under the companies' original investment agreement will be terminated. The termination of these contingent value rights will result in an approximate $170 million non-cash gain for EchoStar in the fourth quarter of 2002.
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=dish&script=410&layout=-6&item_id=364806