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11.02.2004 - Gateway Reaches Agreement With America Online to Repurchase Gateway Stock



View Gateway related news. IRVINE, Calif., Nov. 2 /PRNewswire-FirstCall/ -- Gateway, Inc. (NYSE: GTW) announced today that it has reached an agreement with America Online, Inc., a subsidiary of Time Warner Inc., to repurchase the Gateway Series A and Series C preferred stock and up to 2.7 million shares of common stock currently held by AOL for an aggregate purchase price of $315.6 million. Closing is scheduled for December 22, 2004. The securities to be retired consist of the Series A preferred stock, which otherwise would have automatically converted into approximately 22.2 million shares of Gateway common stock (based on a minimum conversion price of $8.99 per share), and the Series C preferred stock, which has a stated value of $200 million (and is redeemable at AOL's option in December 2004).

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NID: 4453 / Submitted by: TACKtech Team
Categories: Press Release
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