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Technology Stocks : Ascend Communications (ASND)

ASND 205.50

-1.5%

Dec 5 9:30 AM EST

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To: Mighty Mizzou who wrote (52101)	8/14/1998 2:23:00 PM
From: djane	of 61433

Minor reference to possible Siemens takeover of ASND (via NN thread) To: KEN G (5952 ) From: Ron Schier Thursday, Aug 13 1998 1:54PM ET Reply # of 5978 Adams TORONTO (Dow Jones)--Newbridge Networks Corp. (NN) shares are up 2.75 at 34.00 in Toronto Thursday on continued takeover speculation. But Newbridge spokesman Paul Goyette said the company's position on the matter hasn't changed and that it's denying the rumors. As reported, analysts told Dow Jones in late July that the company's stock was up on takeover rumors. At the time, Newbridge said the rumors were "completely false." The stock may also just be rebounding Thursday after having declined in recent days, in the midst of an overall market drop. BancAmerica Robertson Stephens analyst Paul Silverstein said he verbally reiterated his "buy" recommendation to clients earlier Thursday, expressing confidence in Newbridge's reorganization efforts and its ability to meet earnings expectations. Wheat First Butcher Singer analyst Patrick Houghton also said he has been telling clients the stock is a "buy." And HSBC Securities analyst Gurinder Parhar said he has a price target on the stock of C$49. Observers continue to put forth various theories about whether or not Newbridge founder Terry Matthews - who owns about 21% of the company's stock - is interested in selling. Some say he may be forced to if the company's alliance with Siemens AG (G.SIE) falls apart or if Siemens buys a competitor such as Ascend Communications Inc. (ASND). Kearns Capital Corp. analyst Rob MacLellan, for one, is bearish on Newbridge and rates the chances of a takeover at "virtually nil." He believes Newbridge management wouldn't be interested in a takeover offer of anything less that C$75 a share, more than double the level the stock is currently trading at. If investors are buying the stock solely because Newbridge might be a takeover target, he places the odds of an investor making any money at "one in 100." Silverstein said he doesn't believe Newbridge is a takeover target at the stock's current price, although he said the company might be one at some point down the road.

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