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Message subject : Austar says to make bid for eisa

This message was posted by . on June 19, 2000 :

Regional pay-TV group Austar United Communications Ltd said on Tuesday it would make an off-market takeover bid for beleaguered Internet service provider eisa Ltd.
Austar said it would offer 20 cents cash for each eisa share, valuing the company at around A$24.4 million, and has provided a A$7.5 million short-term loan to the cash-strapped ISP.

Eisa's directors have indicated they would accept the offer in the absence of a higher bid and recommend their shareholders do likewise, Austar said in a statement to the Australian Stock Exchange.

Austar says it has an option over 19.9 percent of the shares in eisa, which has a subscriber base of around 85,000.

Shares in eisa which have been suspended since its ambitious bid for OzEmail's household business collapsed, last traded at 24.5 cents, while Austar's shares closed the previous session at A$5.52.

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