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Technology Stocks : ADC Telecommunications

ADCT 4.320

-1.4%

3:32 PM EST

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To: John Finley who wrote (692)	6/21/1999 3:35:00 PM
From: Johnny Canuck	Read Replies (1) of 1944

21-Jun-99 10:10:56 Shares of the Irish software maker, Saville Systems are trading lower in reaction to news that ADC Telecommunications will acquire the firm in a stock swap deal which values the firm at $17.94 per share. SAVLY is down $1/2 to $15 1/8 on the news. Institutional investors are leading today's trading, with block trades accounting for over 40% of the 1.5 million shares traded in the first 25 minutes of the session. Speculation regarding the sale of Saville has been around for some time and an initial analysis of the deal indicates the price is slightly below the Street's expectations in the $20-range. However, given Saville's recent underperformance of the sector, it is not surprising that the deal was done at only a slight premium to its peers' valuations. The most likely institutional candidates to be active in today's session are hedge fund/arbitrage type investors. Thomson I-Watch data shows strong interest from sellers at the open which is consistent with the stock's initial price performance. Selling interest in the pre-trade market has since waned a bit while several brokers have expressed interest in acquiring stock between $14 11/16 and $15 1/8, helping shares of SAVLY to recover from an intra-day low of $14 21/32.

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