8/31/2000 Avaya Distribution Set:
Lucent Technologies Sets Ratio and Record Date for Distribution Of Avaya Stock to Shareowners
MURRAY HILL, N.J., Aug 31, 2000 /PRNewswire via COMTEX/ -- Lucent Technologies (NYSE: LU chart, msgs) today announced that it has declared a special stock dividend to Lucent shareowners of all outstanding shares of common stock of Avaya Inc., the new enterprise networks company being spun off by Lucent. The special stock dividend is expected to be payable on Sept. 30, 2000 to Lucent shareowners of record on Sept. 20, 2000. The distribution of Avaya shares on Sept. 30 will mark the completion of Avaya's spinoff from Lucent.
Lucent shareowners of record will receive one share of Avaya common stock for every 12 shares of Lucent common stock and a cash payment for any fractional shares. The actual number of shares of Avaya common stock to be distributed will be based on the number of total Lucent shares outstanding on Sept. 20, the record date. As of Aug. 30, Lucent had approximately 3.3 billion shares outstanding.
Lucent shareowners can expect to receive statements of their stock ownership for whole shares of Avaya on or about Sept. 30; cash payments for fractional shares are expected to be issued by the end of October.
Lucent has received a ruling from the Internal Revenue Service that the dividend to shareowners qualifies as tax-free for federal income tax purposes, except to the extent that cash is received instead of fractional shares. The distribution will be subject to the conditions set forth in the spinoff agreement between Lucent and Avaya.
Lucent Technologies, headquartered in Murray Hill, N.J., USA, designs and delivers the systems, software, silicon and services for next-generation communications networks for service providers and enterprises. Backed by the research and development of Bell Labs, Lucent focuses on high-growth areas such as broadband and mobile Internet infrastructure; communications software; communications semiconductors and optoelectronics; Web-based enterprise solutions that link private and public networks; and professional network design and consulting services. For more information on Lucent Technologies, visit its Web site at lucent.com.
Avaya, formerly the Enterprise Networks Group of Lucent Technologies, headquartered in Basking Ridge, N.J., USA, is a leading provider of communications systems and software for enterprises, including businesses, government agencies and other organizations. Avaya offers voice, converged voice and data, customer relationship management, messaging, multi-service networking and structured cabling products and services. Avaya is a worldwide leader in sales of messaging and structured cabling systems and a U.S. leader in sales of enterprise voice communications and call center systems. For more information about Avaya, visit its Web site at avaya.com.
Source: Lucent Technologies |
