Merger of Newbridge Networks Corporation and Alcatel
Approved by Newbridge Securityholders
MAY 16, 2000
KANATA, ONTARIO--Newbridge Networks Corporation (NYSE: NN; TSE:
NNC) today announced that the holders of common shares, options
and warrants of Newbridge have approved the Plan of Arrangement
involving a merger between Alcatel (NYSE: ALA) and Newbridge. Over
99 percent of the votes cast at the Newbridge meeting were voted
in favour of the Plan of Arrangement.
Completion of the merger is conditional upon Alcatel shareholder
approval, a final order from the Ontario Superior Court of
Justice, other regulatory approvals and customary closing
conditions. The court hearing to obtain the final order is
scheduled to take place on or about May 23, 2000 (adjourned from
May 18, 2000). Newbridge expects the merger to be completed by
the end of May 2000.
Newbridge Networks Corporation designs, manufactures, markets and
services wide area networking solutions for service providers in
more than 100 countries. On February 23, 2000, Newbridge entered
into a definitive agreement to be acquired by Alcatel, a world
leader in end-to-end voice and data communications solutions
systems. Alcatel's leadership in broadband access combined with
the Newbridge leadership in ATM/MPLS/IP switched routing will make
it one of the top players in the next generation networking market
with complete, end-to-end communication solutions. Current
Newbridge customers include the world's 350 largest
telecommunications service providers. The Company employs more
than 6,000 people on six continents. News and information are
available at www.newbridge.com.
Newbridge and logo are registered trademarks of Newbridge Networks
Corporation. |
