Vivo Mergers Approved by Shareholders
February 24 2006 - 5:00AM
PR Newswire (US)
SAO PAULO, Brazil, Feb. 24 /PRNewswire-FirstCall/ -- The management
of Telesp Celular Participacoes S.A. (NYSE:TCP) ("TCP"), Tele
Centro Oeste Celular Participacoes S.A. (NYSE:TRO) ("TCO"), Tele
Sudeste Celular Participacoes S.A. (NYSE:TSD) ("TSD"), Tele Leste
Celular Participacoes S.A. (NYSE:TBE) ("TLE") and Celular CRT
Participacoes S.A. ("Celular CRT" and, collectively, the
"Companies") today announced the approval of the merger of shares
of TCO with TCP and the merger of companies of TLE, TSD and Celular
CRT into TCP by the voting shareholders of all the Companies at
extraordinary general shareholders' meetings held on February 22,
2006. TCP has been renamed "Vivo Participacoes S.A." ("Vivo") and
will be the holding company of TCO and of the subsidiaries of TLE,
TSD and Celular CRT. TCP has further announced that the period for
the exercise of appraisal rights by shareholders who have a right
to exercise such rights begins on February 24, 2006 and ends on
March 27, 2006. Further information on these appraisal rights is
provided in a Notice to Shareholders, dated February 23, 2006,
issued by the Companies. Although the mergers are legally
effective, the common shares and preferred shares of TCP, TCO, TLE,
TSD and Celular CRT are expected to continue to trade on the Sao
Paulo Stock Exchange under their existing ticker symbols until
March 30, 2006, and the American Depositary Shares ("ADSs") of TCP,
TCO, TLE and TSD are expected to continue trading on the New York
Stock Exchange under their existing ticker symbols until the same
date. Beginning on March 31, 2006, the common shares and preferred
shares of Vivo are expected to trade on the Sao Paulo Stock
Exchange under the ticker symbols "VIVO3" and "VIVO4,"
respectively, and the ADSs of Vivo are expected to trade on the New
York Stock Exchange under the ticker symbol "VIV." Important
Notice: Investors in ADSs of TCP, TCO, TLE and TSD and U.S. holders
of common shares and preferred shares of TCP, TCO, TLE, TSD and
Celular CRT are urged to read the Prospectus, dated January 24,
2006, of TCP (which also serves as an information statement for
holders of ADSs of TCP and U.S. holders of shares of TCP) relating
to the mergers described above because it contains important
information. Investors and security holders may obtain a free copy
of the Prospectus and other documents filed by TCP with the SEC at
the SEC's website at http://www.sec.gov/. A copy of the Prospectus
may also be obtained for free from TCP. Forward-looking statements:
This press release contains forward-looking statements. These
statements are statements that are not historical facts, and are
based on management's current view and estimates of future events.
The words "anticipates", "believes", "estimates", "expects",
"plans" and similar expressions, as they relate to the company, are
intended to identify forward- looking statements. Such statements
reflect the current views of management and are subject to a number
of risks and uncertainties. There is no guarantee that the expected
events, trends or results will actually occur. The statements are
based on many assumptions and factors, and any changes in such
assumptions or factors could cause actual events to differ
materially from current expectations. CONTACT: Charles Allen, Head
of Investor Relations, Vivo Participacoes S.A., +55-11-5105-1172,
http://www.vivo.com.br/ir First Call Analyst: FCMN Contact:
pedro.souza@vivo.com.br DATASOURCE: Vivo Participacoes S.A.
CONTACT: Charles Allen, Head of Investor Relations, Vivo
Participacoes S.A., +55-11-5105-1172, Web site:
http://www.vivo.com.br/ir
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