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February 20, 1989


By CBR Staff Writer

PhoneMate Inc, Torrance, California has reached agreement that Asahi Corp will pay $7.50 a share for the outstanding shares of PhoneMate held by public shareholders – and the price was also agreed to in concurrent negotiations between Asahi and attorneys representing a PhoneMate shareholder who had filed a class action on behalf of public shareholders objecting to the transaction as originally proposed; PhoneMate, as reported, announced that Asahi, with 49% of PhoneMate’s shares, had made an offer for the rest at $6.50 per share in cash.

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