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Technology Stocks : SDL, Inc. [Nasdaq: SDLI]
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To: pat mudge who wrote (3613)12/11/2000 3:58:05 AM
From: DukeCrow  Read Replies (1) of 3951
 
From Erik Olbeter, analyst at Schwab Capital Markets (published the morning of December 8):

There is considerable "buzz" in Washington that the Department of Justice (DOJ) is preparing to approve the JDS Uniphase (JDSU 67)¹ - SDL Inc. (SDLI 245)¹ merger in the "near future." Numerous sources suggest that the parties have agreed to divest JDSU's chip set plant in Zurich as a condition of merger approval. We have not heard discussion of any other conditions on the deal, but other conditions cannot be ruled out.

The parties are in "the black hole" of the merger review process at DoJ, a time when almost no news escapes the department and assessments are difficult, at best. However, there are encouraging collateral signs. We have not seen the level of activity around DoJ that accompanies a legal challenge, such as the preparation of affidavits or extra lawyers being called to aid in the case. Additionally, the government affairs offices of JDS Uniphase's competitors do not show signs of the kind of activity we would expect if a legal challenge was being prepared.

The two companies have scheduled respective shareholder's meetings on Dec. 27, 2000, to vote on the merger. When JDS Uniphase and ETEK Dynamics merged, they announced the shareholder's meeting after our, and other sources, confirmed that a deal had been struck. Some have suggested that the scheduling of the Dec. 27 shareholder meeting may be a sign that the companies believe merger approval is close at hand.
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