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Technology Stocks : Newbridge Networks

NN 17.04

-0.8%

Dec 24 12:59 PM EST

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To: Tunica Albuginea who wrote (12505)	8/3/1999 7:04:00 AM
From: New Economy	Read Replies (2) of 18016

Globe says Newbridge takeover rumours intensify I bet this explains the action on NYSE yesterday: This is considered a national business newspaper up here in Canada: I love it...they keep readers up to date on rumors ! ! ! Globe says Newbridge takeover rumours intensify Newbridge Networks Corp NNC Shares issued 178,579,237 1999-07-30 close $40 Tuesday Aug 3 1999 The Globe and Mail reports in its Saturday, July 31, edition that talk of a possible takeover of Newbridge Networks has again intensified as several sources say the Canadian company has been discussing a deal with Swedish giant L.M. Ericsson Telephone Co. The Globe's Simon Tuck writes that takeover rumours have been swirling around Newbridge for more than two years, but this latest round is different -- it comes attached with numbers. An unnamed source says Ericsson offered to buy Newbridge for $45 (U.S.) a share on July 22 but the bid was rejected by Newbridge founder Terrence Matthews, who owns about 25 per cent of the firm. The total price of more than $7.5-billion would have been a substantial premium over Newbridge's current market value. Both companies denied on Friday, a deal was possible. The Globe says both, however, also left a little wiggle room when asked if there had been any such talks in recent weeks. Ericcson said it is taking to a number of companies, including Newbridge. And a Newbridge spokesperson said he was "almost certain" that no talks had occurred.

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