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For Immediate Release: Tuesday, November 28, 2000
SCHLUMBERGER ANNOUNCES CLOSURE OF TENDER OFFER FOR CONVERGENT GROUP
NEW YORK, November 28, 2000-Schlumberger Limited (NYSE:SLB) and Convergent Group
Corporation (Convergent) (Nasdaq:CVGP) jointly announced today that Schlumberger
Technology Corporation (Schlumberger) accepted for payment shares tendered
during the initial offering period.
Schlumberger was advised by Citibank, N.A., the depositary for the offer, that a
total of 29,871,478 shares had been tendered pursuant to the offer, which
expired at 12:00 midnight New York City time on Monday, November 27, 2000, and
that all such shares have been accepted for payment. After giving effect to the
purchase of the shares tendered, Schlumberger beneficially owns approximately
94% of the outstanding Convergent shares.
As previously announced, Schlumberger commenced a subsequent offering period
beginning Tuesday, November 28, 2000 at 12:01 a.m. New York City time, which
will remain open until Thursday, November 30, 2000, at 12:00 midnight New York
City time, unless extended. During the subsequent offering period, Convergent
stockholders who did not tender their shares by the expiration of the initial
offering period may tender their Convergent shares by following the directions
in the Schlumberger offer to purchase and letter of transmittal. Any shares
tendered during the subsequent offering period will be purchased on a rolling
basis and may not be withdrawn. At the expiration of the subsequent offering
period, a subsidiary of Schlumberger will be merged with and into Convergent in
accordance with the provisions of the Delaware General Corporation Law.
Holders of Convergent common stock are urged to read Schlumberger's offer to
purchase and the related letter of transmittal carefully in their entirety,
including the section entitled "The Tender Offer". The offer to purchase and the
related letter of transmittal contain important information. The offer to
purchase and the letter of transmittal are exhibits to Schlumberger's Schedule
TO filed with the Securities and Exchange Commission which may be examined on
the SEC's website http://www.sec.gov. Copies of the offer to purchase and the
letter of transmittal are available, for no charge, from D. F. King & Co. Inc. 1
(800) 714-3305.
Schlumberger Limited is a global leader in technical services spanning the oil
and gas, utility, semiconductor testing, smart cards, and network and Internet
solutions industries. Schlumberger revenue was $8.4 billion in 1999. Additional
information is available from Realtime [www.slb.com], the Schlumberger corporate
website.
FOR FURTHER INFORMATION, CONTACT:
SCHLUMBERGER LIMITED
Rex Ross, Vice President Communications
Phone: (212) 350-9432
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