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September 20, 1998

ROCKY MOUNTAIN-ICC ACQUISITION DELAYED AGAIN

By CBR Staff Writer

A further delay has hit the acquisition of Internet Communications Corp by Rocky Mountain Internet Inc. In mid- August, Rocky Mountain announced that it was delaying a $175m proposed high yield debt offering, part of which was to be used to fund the $38m acquisition (08/17/98). It was delayed because the Securities and Exchange Commission was investigating the merger between the two Colorado-based companies. The SEC now appears to have given its approval to the merger and the deal was to have closed on Friday at the ICC shareholders meeting. ICC’s majority shareholder has already given the deal the green light. But Rocky Mountain chief financial officer Peter Kushar says there are still some financial issues to be straightened out. The two companies have extended the period to close the merger agreement until October 2.

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