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Technology Stocks : Efficient Networks Inc - (Nasdaq- EFNT)

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To: Tracker who wrote (321)	11/22/1999 12:20:00 PM
From: Ave Joe	of 675

Efficient to buy Cabletron unit November 22, 1999 07:48 AM DALLAS, Nov. 22 (Reuters) - High-speed DSL equipment developer Efficient Networks Inc. EFNT said on Monday it would buy Cabletron System Inc.'s CS FlowPoint Corp. unit in an $861 million stock deal. The company said in a statement that Cabletron would get 7.3 million shares of common and 6.2 million shares of non-voting convertible preferred stock of Efficient for FlowPoint. FlowPoint makes broadband routers for communications networking. DSL, or digital subscriber lines, lets network service providers provide broadband access services over copper telephone wires. Based on Efficient's Nov. 19 closing stock price of 63-3/4, the transaction has an implied value of about $861 million, the statement said. Efficient Networks said it expect the deal will close during its second fiscal quarter ending Dec. 31, or in early January 2000. It will be accounted for as a purchase and is intended to qualify as a tax-free reorganization. Efficient said it expected the merger to immediately begin contributing to its financial results.

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