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March 10, 1987

SHAREHOLDERS APPROVE SALE OF TELECOM PLUS TO SIEMENS

By CBR Staff Writer

Telecom Plus International shareholders approved the sale of most of the company’s operating assets to Siemens AG for $165m, and a change of name to TPI Enterprises but only by 59% of the votes cast, because many shareholders want the business to liquidate and distribute the proceeds to holders rather than use it to buy one or more new businesses; Rank Organisation, with 23%, voted against the name change and wants the company to liquidate.

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