RIO DE JANEIRO, Nov. 27, 2013 /PRNewswire/ -- Empresa
Brasileira de Telecomunicacoes S.A. - Embratel ("Embratel")
and Embratel Participacoes S.A. ("Embrapar") (together, the
"Offerors") announced today that the tender offer for any and all
of the outstanding common shares, no par value ("Common Shares"),
and preferred shares, no par value ("Preferred Shares"), including
Preferred Shares represented by American Depositary Shares
("ADSs"), of Net Servicos de Comunicacao S.A. ("Net") (BOVESPA:
NETC3 and NETC4; NASDAQ: NETC; BMAD: XNET), other than those held
by the Offerors or their affiliates, expired on November 26, 2013.
A total of 10,219,622 Common Shares, equivalent to 93.48% of the
outstanding Common Shares, other than those held by the Offerors or
their affiliates, were validly tendered into the offer and a total
of 3,456,310 Preferred Shares, equivalent to 63.73% of the
outstanding Preferred Shares, other than those held by the Offerors
or their affiliates, were validly tendered into the offer. All
Common Shares and Preferred Shares, including Preferred Shares
represented by ADSs, that were validly tendered and not withdrawn
have been accepted for payment in accordance with the terms of the
offer and applicable law.
Pursuant to the terms of the offer, the Common Shares and
Preferred Shares validly tendered into the offer were purchased
through an auction on the BM&FBOVESPA - Bolsa de
Valores, Mercadorias e Futuros, which took place at
1:00 p.m., New York City time, on November 27, 2013. The Offerors will pay for the
Common Shares and Preferred Shares purchased in the auction on the
settlement date, which is expected to be December 2, 2013, and such payment will be in
cash, net of the stock exchange and settlement fee, any applicable
brokerage fees or commissions and applicable withholding taxes.
As promptly as practicable after receipt of the payment in
respect of Preferred Shares, represented by ADSs, validly tendered
and purchased in the auction, The Bank of New York Mellon, as
receiving agent, will convert such payment into U.S. dollars and
will distribute the proceeds, net of expenses for converting
Brazilian reais to U.S. dollars, any applicable taxes and
fees associated with the cancellation of the ADSs representing
Preferred Shares purchased in the offer.
Upon settlement, the Offerors' combined ownership of the
outstanding Common Shares and Preferred Shares, held directly or
through their subsidiaries, will increase to 90.21% and 99.14%,
respectively.
About Embratel
Embratel is the premium telecommunications provider in
Brazil and offers an ample variety
of telecom services - local and long distance telephony,
advanced voice, high-speed data transmission, Internet, satellite
data communications, and corporate networks. The company is a
leader in the country for data services and Internet, and is highly
qualified to be an all-distance network carrier in Latin America. Embratel's network spreads
countrywide, with almost 29 thousand km of optic cables, which
represents about one million and 69 thousand km of fiber
optics.
Forward-Looking Statements
This document may contain forward-looking statements. These
statements are statements that are not historical facts, and are
based on management's current view and estimates of future economic
circumstances, industry conditions, company performance and
financial results. The words "anticipates," "believes,"
"estimates," "expects," "plans" and similar expressions, as they
relate to the company, are intended to identify forward-looking
statements. Statements regarding the declaration or payment of
dividends, the implementation of principal operating and financing
strategies and capital expenditure plans, the direction of future
operations and the factors or trends affecting financial condition,
liquidity or results of operations are examples of forward-looking
statements. Such statements reflect the current views of management
and are subject to a number of risks and uncertainties. There is no
guarantee that the expected events, trends or results will actually
occur. The statements are based on many assumptions and factors,
including general economic and market conditions, industry
conditions, and operating factors. Any changes in such assumptions
or factors could cause actual results to differ materially from
current expectations.
For further information please contact:
Embratel Participacoes S.A.
Isaac Berensztejn
Director of Investor Relations
Av. Presidente Vargas, n 1012
20071-002 Rio de Janeiro, RJ,
Brazil
Telephone: +(55)21-2121-3636
SOURCE Embratel; Embrapar