Re: Fore Systems and GEC Buyout
Ken,
Pretty funny! What's even funnier is the statements below off the GEC website. If I read it correctly, it says, "Well you can agree to the buyout at $35/share. Or you can wait and we will agree for you at $35/share." Can you make any sense of this? Very weird.
Thanks,
MikeM(From Florida)
PS I know I should probably wade through the FORE thread, but sometimes that gets so tedious going through all the "GOOO FORE!!!!!!," posts.
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GEC agrees to acquire FORE Systems, Inc. for $35 per share
in Cash Transaction valued in excess of $4 billion
LONDON, ENGLAND AND PITTSBURGH, PENNSYLVANIA, US – 26 APRIL 1999 – The General Electric Company, p.l.c. and FORE Systems, Inc. today announced that they have entered into an agreement for the acquisition of FORE Systems for total consideration of $4.5 billion at an agreed price of $35 per share in cash. This represents a premium of 43% to the FORE Systems closing price on Friday 23 April 1999. The definitive merger agreement provides for an affiliate of GEC to commence a cash tender offer for all of FORE Systems' shares at $35 per share on or before 30 April 1999[changed to June 15].
Further details of the transaction structure
Following the completion of the Offer, GEC and FORE Systems have agreed to effect a merger between Acquisition Corp. and FORE Systems, in which the remaining shareholders of FORE Systems will receive the same price per share paid in the Offer. Upon completion of this Merger, FORE Systems will be a wholly owned subsidiary of GEC.
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