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Technology Stocks : Newbridge Networks
NN 11.97+5.3%Nov 21 9:30 AM EST
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To: Thomas Scharf who wrote (13421)9/24/1999 8:00:00 AM
From: Glenn McDougall  Read Replies (2) of 18016
 
Rumour quashed

By Kevin Bell, Ottawa Sun
Newbridge Networks tried to put to rest one of the perennial
questions about the Kanata firm: Is it expecting a takeover bid?

Company president Alan Lutz was quick to squelch any suggestion
yesterday that the firm will sell out to a larger rival.

"I can categorically tell you that Newbridge management has no plan
to sell the company," he said. "We feel very comfortable with our
ability to grow. We are enthusiastic about the contributions from the
changes that have been made in the last year. We have great
customer acceptance to our product line."

Newbridge managers have repeatedly denied that it has mulled
takeover bids, but rumours about offers continually pop up. Many of
the gyrations in its stock price have been tied to such rumours.

In a recent report, one analyst suggested that, after meeting with
Newbridge managers, the firm is ready to hitch up within a year with
a technology giant.

"In the event that the company does not achieve its projected
earnings targets this quarter, we believe it is likely the company will
formally announce its intention to seek a buyer," said Caldwell
Securities.

But Lutz said analysts are expecting revenues to grow 20% this year
and earnings by 60%. "We aren't doing anything to change their
expectations."

Newbridge stock closed yesterday at $38.50, down 60cents.
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