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  • rickotto1 rickotto1 Aug 28, 1998 6:05 AM Flag

    REALITY CHECK!!!!!!!!!!!!!!!!!!

    I HAVE BEEN POSTING THE CEOS COMMENTS FOR DAYS,
    IT WAS GOING TO HAPPEN NO MATTER WHAT.,...SCREW
    JAMES TORO, AND THAT A HOLE LUCENT IDIOT..KATHY AND
    WHOEVER ELSE BLASTED US FOR DAYS... IS GONNA GET THEIR
    ASSES HANDED TO THEM ON A SILVER PLATTER..ALL THE
    SHORTS SHOULD GO TO HELL..AND I AM LAUGHING TO THE BANK
    AT THOSE SCUM BAG A HOLES..
    Friday August 28,
    1:35 am Eastern Time

    Tellabs to buy Ciena for
    $4.7 bln stock
    -USA Today

    NEW YORK, Aug 28
    (Reuters) - Tellabs Inc (TLAB - news)
    has agreed to buy
    fellow telecommunications-equipment maker
    Ciena Corp
    (CIEN - news) in a $4.7 billion stock deal
    expected
    to be announced on Friday, USA Today
    reported.

    Under terms of the renegotiated transaction, approved
    by both companies' boards on Thursday,
    Tellabs
    will swap 0.8 shares for each outstanding Ciena share,
    executives close to the deal told
    the
    newspaper.

    The deal values Ciena shares at $46.25 based on
    Thursday's Tellabs close. Both companies
    declined
    comment.

    In structuring a new agreement, the pair hope to end
    a painfully turbulent period in their
    stock
    valuations, the newspaper reported.

    Ciena's market
    value has plunged by more than two-thirds from a record
    $92- a month ago, while
    Tellabs has lost about a
    third of its value.

    Ciena's share price almost
    halved in frenzied trading last Friday when it failed to
    get a lucrative
    contract from AT&T (T -
    news).

    Both sides recognised their original 1-for-1 stock
    swap, valued at $6.9 billion when first announced
    in
    June, would have to be reworked, the newspaper
    said.

    Ciena dropped 3-7/16 on Thursday to $30-13/16, its
    lowest close since May 1997, on worries that
    a deal
    would not be reached. Tellabs fell 11/16 to
    $57-13/16.

    After a hastily arranged meeting with his board in
    Chicago on Tuesday, Tellabs chief executive
    Michael
    Birck flew to Washington the next day to meet Ciena
    chief executive Patrick Nettles.

    By late night,
    the two men, along with Tellabs bankers Goldman Sachs
    and Ciena advisers Morgan
    Stanley, had a new deal,
    USA Today reported.

 
CIEN
21.93-0.24(-1.08%)3:03 PMEDT