Applied Micro Circuits Corp (AMCC) Message Board

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Technology Stocks : Applied Micro Circuits Corp (AMCC)

AMCC 8.450

0.0%

Feb 3 4:00 PM EST

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To: William F. Wager, Jr. who wrote (640)	8/27/2000 10:49:49 PM
From: A. Edwards	Read Replies (1) of 1805

AMCC to buy MMCN: Applied Micro agrees to buy MMC Networks in $4.5 bln deal SAN DIEGO, Aug 27 (Reuters) - Chip maker Applied Micro Circuits Corp. (NasdaqNM:AMCC - news) agreed on Sunday to acquire MMC Networks (NasdaqNM:MMCN - news) in a stock deal valued at about $4.5 billion, as it bids to expand into the high-speed communications products market. Under the deal, AMCC, which sells chips for the fast-growing optical communications business, will issue 0.619 shares of its common stock for each of MMC's 35.3 million shares outstanding as of the end of the second quarter. Based on AMCC's August 25, 2000 closing stock price of 188-9/16 on the Nasdaq, the deal values MMC at $116.72 a share, a hefty premium to MMC's closing price of 78-1/4 on Friday. MMC, a semiconductor company located in Sunnyvale, California, is a provider of network processors, traffic management and switch fabric technology. The transaction is expected to close in the fourth calendar quarter and will be accounted for as a purchase.

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