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SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchanges Act of 1934
Date of Report April 22, 1998
TELEPORT COMMUNICATIONS GROUP INC.
(Exact Name of Registrant as specified in its Charter)
Delaware 0-20913 13-3173139
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(State or Other Jurisdiction of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
437 Ridge Road, Executive Building 3, Dayton, New Jersey 08810
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (732) 392-2000
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ITEM 5 OTHER EVENTS
TELEPORT COMMUNICATIONS GROUP INC. COMPLETES THE MERGER WITH ACC CORP.
Teleport Communications Group Inc.("TCG") (Nasdaq/NM:TCGI) announced the
completion of the merger with ACC Corp.("ACC") (Nasdaq/NM:ACCC) effective
today. ACC is a provider of competitive telecommunications services in the
United States, Canada and Western Europe with annualized revenues in excess of
$452 million and total assets of over $328 million.
The merger was a stock-for-stock transaction with an exchange ratio of 0.90909
of a share of TCG stock for one share of ACC stock. The total value of the
transaction is approximately $1.1 billion.
"We are very pleased to have executed this merger on such a timely basis and we
welcome ACC to the TCG family," said Bob Annunziata, TCG's Chairman, President,
and Chief Executive Officer. "This compelling strategic business combination
will significantly strengthen the competitive position of both companies and
broaden TCG's presence domestically as well as internationally. The completion
of the merger brings TCG's metropolitan statistical service areas (MSAs) to 82
from 65 at year-end 1997. TCG and ACC have made significant progress in
integrating our teams to ensure a smooth transition, and we expect to continue
with our entrepreneurial culture, commitment to our customers and excellent
financial performance."
TCG is the nation's first and largest provider of competitive local
telecommunications services, selling both fiber optic and broadband wireless
facilities to serve information intensive businesses with an array of advanced
voice, data, video and Internet services.
This press release contains forward-looking statements that involve risks and
uncertainties detailed in the Company's SEC reports and registration statements.
Actual results may vary materially.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has caused this report to be signed on its behalf of the
undersigned, thereunto duly authorized.
TELEPORT COMMUNICATIONS GROUP INC.
/s/ Maria Terranova-Evans
Dated: August 4, 1998 By: _____________________________
Name: Maria Terranova-Evans
Title: Vice President and Controller
