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Ciena Corporation Message Board

  • TechConsultant TechConsultant Aug 24, 1998 1:23 AM Flag

    DEAL STILL WANTED BY TELLABS - confirmed

    This in at Monday 12:57am
    est.

    ==========

    Tellabs set to try rejig of Ciena merger-USA
    Today

    NEW YORK, Aug 24 (Reuters) - Tellabs Inc. (TLAB -
    news) chief executive officer said Sunday the company
    will probably
    press fellow telecommunications
    equipment maker Ciena (CIEN - news) to renegotiate the
    terms of their planned $7.1 billion
    merger after
    Ciena shares lost almost half their value in trading
    Friday, USA Today reported Monday.

    Tellabs chief
    Michael Birck, while reluctant to pre-empt a Tellabs
    board meeting set for Tuesday, told the newspaper that
    the ``odds would seem against'' the deal
    surviving
    as a one-for-0ne stock swap.

    ``Strategically
    and in terms of market access, this deal makes a lot
    of sense,'' Birck said. ``We've got to find a way to
    make it work. The question is at what
    price.''

    Birck said he and Ciena chief executive Patrick Nettles
    spoke twice over the weekend and were still committed
    to the transaction. Nettles could not be reached
    for
    comment.

    Ciena's shares fell 25-17/32 or 45 percent to $31- Friday
    after the company learned it was out of the running for
    an AT&T contract. Tellabs closed Friday up
    5-3/16
    to 62-7/16.

    The news came less than an hour
    before investors of both companies were scheduled to
    vote on the merger. The vote has been postponed until
    September 9.

    Doubts about the deal, first announced
    in June, were raised on August 14 when Ciena said
    its third-quarter earnings would fall short of
    expectations because of a
    delay in a customer order.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • 2 shares of telab= 3 shares of cien according to offical news => cien= $41 per shars

    • fly baby... i'm in with 2500shrs fri @ $28 will sell @ 38 and pocket the change! "Are you Ready for some Football?" GB by 6

    • Bad news for Ciena. All bets are off. One thing
      is for sure that the 1:1 stock merger is off. This
      is a new ball game with a possibility of NO!! deal.
      Good luck to
      all.

      ------------------------------------
      Tellabs set to try rejig of Ciena merger-USA
      Today

      NEW YORK, Aug 24 (Reuters) - Tellabs Inc. (TLAB -
      news) chief executive officer said Sunday the company
      will probably
      press fellow telecommunications
      equipment maker Ciena (CIEN - news) to renegotiate the
      terms of their planned $7.1 billion
      merger after
      Ciena shares lost almost half their value in trading
      Friday, USA Today reported Monday.

      Tellabs chief
      Michael Birck, while reluctant to pre-empt a Tellabs
      board meeting set for Tuesday, told the newspaper that
      the ``odds would seem against'' the
      deal

      surviving as a one-for-0ne stock swap.


      ``Strategically and in terms of market access, this deal makes a
      lot of sense,'' Birck said. ``We've got to find a way
      to make it work. The question is at what

      price.''

      Birck said he and Ciena chief executive Patrick
      Nettles spoke twice over the weekend and were still
      committed to the transaction. Nettles could not be

      reached for
      comment.

      Ciena's shares fell
      25-17/32 or 45 percent to $31- Friday after the company
      learned it was out of the running for an AT&T contract.
      Tellabs closed Friday up
      5-3/16 to 62-7/16.


      The news came less than an hour before investors of
      both companies were scheduled to vote on the merger.
      The vote has been postponed until September
      9.

      Doubts about the deal, first announced in June,
      were raised on August 14 when Ciena said its
      third-quarter earnings would fall short of expectations because
      of
      a
      delay in a customer order.

 
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