NTRO Netro hires Goldman as advisor to mull options
Thursday November 21, 12:57 pm ET
SAN JOSE, Calif., Nov 21 (Reuters) - High-speed wireless technology company Netro Corp. (NasdaqNM:NTRO - News), which recently received a takeover offer, on Thursday said it hired Goldman Sachs & Co. (NYSE:GS - News) as its financial advisor as it reviews its strategic options.
Last week, Netro received a new takeover offer from Wyndcrest Holdings LLC, a private technology and digital entertainment holding company. In August, it rejected a previous Wyndcrest offer.
Netro, which makes equipment that supports Internet access over the airwaves rather than through traditional copper telephone lines, recently said it would cut its 255-person workforce by more than half, scale back its use of cash and reduce operating expenses.
Shares of Netro added 33 cents, or 12.5 percent, to $2.97 a share on midday Thursday on Nasdaq. The San Jose, Calif-based company launched its initial public offering in August, 2001, at $8 a share. |
