ACTM $100 Million Cable Modem Contract with MOT Message Board

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Technology Stocks : ACTM $100 Million Cable Modem Contract with MOT

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To: joemjo who wrote (1173)	3/28/2000 11:25:00 AM
From: Rob Preuss	of 1250

[Third of GSS shareholders accept ACT offer.] Monday March 27, 11:41 pm Eastern Time Third of GSS shareholders accept ACT offer BANGKOK, March 28 (Reuters) - Thai integrated circuit producer GSS Array Technology Plc said on Tuesday shareholders owning 31 percent of its equity had so far agreed to accept a 163 baht per share takeover offer by ACT Manufacturing Inc (NasdaqNM:ACTM - news). GSS President James Menges said in a statement to the Stock Exchange of Thailand the shareholders, including the firm's directors, had promised to accept ACT's offer even if higher offers emerged. GSS directors now own 23 percent of the company. GSS shares were up two baht at 136.00 on Tuesday morning. GSS said on March 16 it would delist from the Thai bourse by early August if shareholders voted to sell its 21.11 million shares to ACT. Menges said GSS would hold a special shareholders meeting on April 28 to consider ACT's offer and its proposed de-listing which would require approval by at least 75 percent of its shareholders with less than 10 percent of them objecting. He said ACT's friendly takeover tender offer would be open from May 18 to July 20. Those selling shares would be paid on July 25. ACT is a Nasdaq-listed electronics manufacturer with operations in Ireland, Mexico and the United States.

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