Business Services Industry
AUSTRALIA'S KAZ SHAREHOLDERS APPROVE TELSTRA TAKEOVER.
AsiaPulse News, July, 2004
SYDNEY, July 6 Asia Pulse - KAZ Group Ltd (ASX:KAZ) founder Peter Kazacos today said the acquisition of KAZ by Telstra Corp would help his Australian IT services company take on big multi-nationals.
Telstra's A$330 million (US$236.5 million) takeover offer for KAZ was today endorsed by KAZ shareholders at a meeting in Sydney, with 89 per cent of votes in person and by proxy in favour of the acquisition.
Telstra had offered KAZ shareholders 40 cents per share, and the KAZ board had recommended the proposal.
Option holders today also approved the acquisition by Telstra of 100 per cent of KAZ shares.
Mr Kazacos today said he was "very excited" about this next step for the company he founded in 1988.
"It gives us a great opportunity...
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