Open Joint Stock Co. Vimpel-Communications (VIP) said its board of directors has unanimously recommended that the company's shareholders and holders of American depositary shares, or ADSs, exchange their company shares and ADSs for VimpelCom Ltd. depositary shares, or DRs, in the exchange offer launched by VimpelCom.
In the exchange offer, VimpelCom is offering one VimpelCom common DR in exchange for each ADS to all holders of the company's ADSs. VimpelCom is offering 20 VimpelCom common DRs in exchange for each common share to all holders of the company's common shares. Further, VimpelCom is offering 20 VimpelCom preferred DRs in exchange for each preferred share to all holders of the company's preferred shares.
Or else, holders of shares and ADSs may elect to receive a cash payment of 0.01 Russian roubles for each common share or preferred share and 0.0005 Russian roubles for each ADS, the company said.
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