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Force Corporation Acquisition of ihug Delayed
PRESS STATEMENT
For release 17 April 2000
Force Corporation Acquisition of ihug Delayed
Shareholders of Force Corporation today voted to adjourn a special shareholder meeting which had been called to vote on the company's acquisition of The Internet Group (ihug).
The shareholders voted to adjourn the meeting until 15th May.
The decision was clearly influenced by the major movement in the Nasdaq and the movement in the valuation of internet stocks generally over the past week.
Force Corporation says that with the sharemarket so unsettled, its major institutional shareholders wanted more time to assess the situation before being asked to vote on such a major transaction for the company.
The contract relating to Force Corporation's proposed acquisition of The Internet Group could be terminated by either party after 5pm on 20th April but at this stage remains on foot.
For more information, contact Peter Holdaway at Force Corporation on (09) 302 7078 or 021 930 641.
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