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Proxicom gets counteroffer

Net consulting company Proxicom has received a counteroffer from Dimension Data Holdings to its $266 million acquisition bid from Compaq Computer. Dimension Data, which has a large services presence overseas, is offering $7.50 per share in cash for all of Proxicom's outstanding shares. Compaq's services division, which announced its intentions last month to acquire Reston, Va.-based Proxicom, has proposed to pay $5.75 per share in cash. Other than a higher price, Dimension Data's proposal has terms and conditions similar to those of the proposed Compaq transaction. Proxicom said it notified Compaq on May 6 of Dimension Data's offer. Proxicom's board authorized management to enter into negotiations with Dimension Data. Proxicom must notify Compaq if it accepts the offer. Compaq will then have three business days to determine whether to match the bid. Proxicom would have to pay Compaq a termination fee of $10 million should the deal fall through.

Net consulting company Proxicom has received a counteroffer from Dimension Data Holdings to its $266 million acquisition bid from Compaq Computer. Dimension Data, which has a large services presence overseas, is offering $7.50 per share in cash for all of Proxicom's outstanding shares. Compaq's services division, which announced its intentions last month to acquire Reston, Va.-based Proxicom, has proposed to pay $5.75 per share in cash. Other than a higher price, Dimension Data's proposal has terms and conditions similar to those of the proposed Compaq transaction.

Proxicom said it notified Compaq on May 6 of Dimension Data's offer. Proxicom's board authorized management to enter into negotiations with Dimension Data. Proxicom must notify Compaq if it accepts the offer. Compaq will then have three business days to determine whether to match the bid. Proxicom would have to pay Compaq a termination fee of $10 million should the deal fall through.