IDC SERVICES <IDCS.O> HOLDERS OFFERED 16 DLRS
IDC Services Inc said a new company will
begin a cash tender offer by October 26 to acquire all of IDC's
outstanding common for 16 dlrs a share.
    The company said the offer is being made under a definitive
agreement reached with the new company, IDC Acquisition Corp,
formed by Apollo Partners Ltd and investment clients of
<Equitable Capital Management Inc>. The agreement calls for the
acquisition of IDC for about 62.4 mln dlrs.
    IDC Acquisition will also tender for all of IDC's
outstanding nine pct convertible subordinated debentures.
   
    IDC said the merger agreement also provides for payment of
an equivalent amount in respect of employee stock options to be
cancelled in the merger.
    As part of the transaction, the company said, it granted
IDC Acquisition an option to acquire up to 20 pct of the
company's outstanding shares for 16 dlrs per share.
    It said the planned tender offer is subject to several
conditions, including the tendering of over 50 pct of the
company's outstanding stock.
   
    MIM Holdings Ltd <MIMA.S>, a substantial shareholder in
IDC, has agreed it will not buy any additional IDC shares until
February seven and has granted IDC Acquisition a right of first
refusal on any IDC shares it sells during that period, the
company said.
    It said Apollo Partners was recently organized by three
former senior Viacom Inc <VIA> executives, Terrence A. Elkes,
George C. Catell and Kenneth F. Gorman.
 Reuter
