FLAG Telecom receives $211M increased consideration from Reliance Gateway.
TL;DR
FLAG Telecom has amended its amalgamation deal with Reliance Gateway, increasing the cash consideration to about $211 million. Reliance Gateway, the largest shareholder, will vote in favor, and FLAG Telecom is deregistering its shares with the SEC.
Tags
FLAG Telecom, a leading provider of international wholesale network transport and communications services, has entered into a second amendment to the Agreement and Plan of Amalgamation with Reliance Gateway. The consideration for the deal has been increased to approximately $211 million in cash, reflecting a new price per share. FLAG Telecom's largest shareholder, Reliance Gateway, has entered into a voting agreement to vote in favor of the amalgamation. FLAG Telecom has filed with the SEC to deregister its common shares.