Here is a CSCO release. They are getting into Optical Networking.
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Tuesday June 10 8:56 AM EDT
Cisco Systems Agrees to Acquire Skystone Systems
PFE
CISCO SYSTEMS INC. Agrees to Acquire Skystone Systems Corp.; Sees Related Fourth Charge--
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Ticker: CSCO (news)
Highlight: M&A
Date: 970610
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June 9, 1997, Cisco Systems Inc. (CSCO) said it signed a definitive agreement to acquire privately held Skystone Systems Corp. for 1,000,000 CSCO common shares valued at about $66,500,000 and $22,600,000 in cash.
In connection with the transaction, CSCO expects to record a fiscal 1997 fourth quarter after-tax charge of between $0.08 and $0.13 per share.
Based in Ottawa, Ont., Skystone is engaged in the business of Synchronous Optical Networking/Synchronous Digital Hierarchy technology. Skystone develops a family of semiconductor products for integrating several telecommunications functions for use in advanced fiber-optic networks.
Subject to, among other things, approval by Skystone stockholders, the proposed transaction is expected to close by mid-July.
For the fiscal 1996 fourth quarter, CSCO reported net income of $276,551,000, or $0.41 per share, on net sales of $1.29 billion. Results included a charge of $15,000,000 from merger-related costs.
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