Business Services Industry
Bellevue, Wash.-Based Satellite Firm Aborts Plans to Merge with British Firm.
Knight Ridder/Tribune Business News, March, 2001
By Monica Soto, The Seattle Times Knight Ridder/Tribune Business News
Mar. 17--Blaming current market conditions, Craig McCaw's satellite ventures, Bellevue-based Teledesic and London-based New ICO, yesterday aborted plans to merge, a spokesman said.
New ICO and ICO-Teledesic Global -- a holding company that owns New ICO and Teledesic -- had filed last September with the Securities and Exchange Commission to register new shares to be distributed after the merger was complete. That filing was withdrawn yesterday.
Roger Nyhus, spokesman for ICO-Teldesic Global, said both companies' business models have evolved since last year, making a merger less viable. While the boards consider their options, a future merger has not been ruled out, he said....
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