Subject: [NEXTEL-1] Microcell Says 'No Thanks' To Telus Bid

From: [email-masked]
Date: Fri, 21 May 2004 14:07:40 -0400

Microcell Says 'No Thanks' To Telus Bid
BY SUSAN RUSH
MAY 21, 2004

It looks like Telus might be barking up the wrong tree in its attempt to
fetch smaller rival Microcell Telecommunications -- at least, that's
what the Fido wireless brand creator is saying. Microcell has rejected
the all-cash takeover bid Telus has offered, calling it "inadequate."

Last week, Telus announced its takeover attempt of Microcell with an
all-cash bid valued at $801 million, or $21 per share. When the bid was
first announced, Telus President and CEO Darren Entwistle said the move
was in line with the company's growth strategy. Microcell's customer
base is attractive because it has ties to both Quebec and Ontario, where
Telus wants to increase its presence.

At the time the bid was placed, many industry observers were calling it
too low, and Microcell apparently agrees. The company said its advisors
-- J.P. Morgan Securities and Rothschild -- have evaluated the offer and
concluded that from a financial point of view, the bid is inadequate.

Microcell says it has been contacted by other interested parties and
other competing bids could be forthcoming. The company says it is
willing to hold discussions with other interested parties.

Microcell's board is in the midst of a full strategic review to figure
out the best way to maximize shareholder value. That review, according
to the company, may still result in a deal with Telus or another
interested party, an equity investment, or nothing at all.
Telus could not be immediately reached for comment on Microcell's
rejection of its initial bid.

http://www.wirelessweek.com/index.asp?layout=newsat2direct&starting=1&pubdate=05/21/04

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