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Embratel And Embrapar Announce Tender Offer Results

Stocks in this article: NETC XNET

RIO DE JANEIRO, Nov. 27, 2013 /PRNewswire/ -- Empresa Brasileira de Telecomunicacoes S.A. - Embratel ("Embratel") and Embratel Participacoes S.A. ("Embrapar") (together, the "Offerors") announced today that the tender offer for any and all of the outstanding common shares, no par value ("Common Shares"), and preferred shares, no par value ("Preferred Shares"), including Preferred Shares represented by American Depositary Shares ("ADSs"), of Net Servicos de Comunicacao S.A. ("Net") (BOVESPA: NETC3 and NETC4; NASDAQ: NETC; BMAD: XNET), other than those held by the Offerors or their affiliates, expired on November 26, 2013.

A total of 10,219,622 Common Shares, equivalent to 93.48% of the outstanding Common Shares, other than those held by the Offerors or their affiliates, were validly tendered into the offer and a total of 3,456,310 Preferred Shares, equivalent to 63.73% of the outstanding Preferred Shares, other than those held by the Offerors or their affiliates, were validly tendered into the offer. All Common Shares and Preferred Shares, including Preferred Shares represented by ADSs, that were validly tendered and not withdrawn have been accepted for payment in accordance with the terms of the offer and applicable law.

Pursuant to the terms of the offer, the Common Shares and Preferred Shares validly tendered into the offer were purchased through an auction on the BM&FBOVESPA - Bolsa de Valores, Mercadorias e Futuros, which took place at 1:00 p.m., New York City time, on November 27, 2013. The Offerors will pay for the Common Shares and Preferred Shares purchased in the auction on the settlement date, which is expected to be December 2, 2013, and such payment will be in cash, net of the stock exchange and settlement fee, any applicable brokerage fees or commissions and applicable withholding taxes.  As promptly as practicable after receipt of the payment in respect of Preferred Shares, represented by ADSs, validly tendered and purchased in the auction, The Bank of New York Mellon, as receiving agent, will convert such payment into U.S. dollars and will distribute the proceeds, net of expenses for converting Brazilian reais to U.S. dollars, any applicable taxes and fees associated with the cancellation of the ADSs representing Preferred Shares purchased in the offer.

Upon settlement, the Offerors' combined ownership of the outstanding Common Shares and Preferred Shares, held directly or through their subsidiaries, will increase to 90.21% and 99.14%, respectively.

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