OzEmail shareholders have another two weeks to accept MCI WorldCom's proposed takeover following a two-week extension on the cash tender offer.
MCI WorldCom officials announced late Monday that the expiration date for the offer has been extended until 5pm February 24.
Initially, the offer was due to close at 5pm, Sydney time, yesterday.
According to a spokesperson from Merrill Lynch, MCI WorldCom extended the offer to help increase shareholder acceptance and the number of issued shares.
Although the required 90 per cent of actual issued shares was received, only 61 per cent of a required 75 per cent of shareholders had accepted the takeover yesterday afternoon, the spokesperson said.
At the end of trading yesterday, MCI WorldCom was entitled to 94 per cent of the total issued share capital of OzEmail, officials said.
MCI WorldCom announced last December its wholly-owned subsidiary, UUNet Holdings Australia, would offer to buy all the issued ordinary shares of OzEmail for $3.55 ($US2.20) a share.