Attached files
| file | filename |
|---|---|
| 8-K - XO HOLDINGS INC | v208712_8k.htm |
XO Holdings Forms Special Committee
of Independent Directors to Review the ACF Industries Holding
Proposal
HERNDON,
VA — Marketwire — January 21, 2011 — XO Holdings, Inc. (OTCBB: XOHO) announced
that it formed a Special Committee of its Board of Directors composed of three
independent directors to consider, review, and evaluate the proposal made on
January 19, 2011 by ACF Industries Holding Corp., which is an affiliate of Carl
C. Icahn, to acquire, either directly or through an affiliate, ownership of 100%
of XO Holdings in a transaction the exact form of which would be determined
jointly. Under the proposal, holders of common stock, other than ACF
Holding and its affiliates, would receive consideration of $0.70 net per share
in cash. Mr. Icahn is the Chairman of XO Holdings and,
through ACF Holding and its affiliates, is the holder of a majority of the
shares of XO Holdings’ common stock. The Special Committee members are Robert
Knauss, Fredrik Gradin, and Harold First.
At this
time, the Board of Directors has delayed further action on the pending financing
activities (reverse split and rights offering) as the Special Committee begins
its review process.
About XO Holdings
XO is a
leading provider of 21st century communications services for businesses and
communications services providers, including 50 percent of the Fortune 500 and
leading cable companies, carriers, content providers and mobile operators.
Utilizing its unique and powerful nationwide IP network, extensive local metro
networks and broadband wireless facilities, XO offers customers a broad range of
managed voice, data and IP services in more than 80 metropolitan markets across
the United States. For more information, visit www.xo.com.
Contacts:
Courtney
Harper/Charlotte Walker/Lynn Sheka
Reputation
Partners (for XO Holdings)
312-819-5722
courtney@reputationpartners.com