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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked

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To: Dave who wrote (73852)	11/18/1999 4:51:00 PM
From: Tim Luke	Read Replies (1) of 90042

Thursday November 18, 4:46 pm Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) Newbridge says it open to takeover offers OTTAWA Nov 18 (Reuters) - Executives of troubled Canadian telecoms equipment maker Newbridge Networks Corp. (Toronto:NNC.TO - news)(NYSE:NN - news) told staff on Thursday the company is open to takeover offers, a source close to the Ottawa area firm said. The company made a presentation to employees before releasing second-quarter results in which it reported a profit of 8 U.S. cents a share, in line with a November 2 warning that halved analyst's estimates of 20 U.S. cents a share. In the release, it also said it will cut 10 percent of its staff and some manufacturing operations as part of a plan to boost profitability. In the presentation, Newbridge outlined job cuts affecting about 720 staff and said it has not ruled out putting itself up for sale, but is not now considering an offer, the source said. (Note: this article is

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