Dave, This deal with TCI is old news, althought when it was first announced, it was a Letter of Intent. Here's the first press release from May.
In the end, they are so close to book value and they have nowhere to go but up as TCI will surely upgrade their systems. Maybe they delay, but they have to do it and this agreement is like money in the bank for Antec IMO.
Mark
Contact:
James A. Bauer
Senior VP,
Administration
(847) 439-4444
jim.bauer@antec.com
ANTEC ANNOUNCES LETTER OF INTENT TO FORM A DESIGN AND CONSTRUCTION MANAGEMENT JOINT VENTURE
ROLLING MEADOWS, ILLINOIS (May 15, 1997) -- ANTEC Corporation (Nasdaq: ANTC), today announced that it has signed a Letter of Intent, subject to certain approvals, with Tele-Communications, Inc. ("TCI") to form a joint venture limited liability corporation which would provide design, engineering and construction services in support of TCI's recently announced plans to upgrade its domestic cable TV systems. Pre-engineering and design work in anticipation of the implementation of TCI's upgrade program is already in progress. Construction will begin during the second half of 1997.
"We have begun an aggressive program to upgrade our facilities nationwide and to bring a wide range of new digital services and capabilities to our customers," said Tony Werner, TCI Senior Vice President Engineering & Technical Operations.
As previously announced, TCI plans to invest significant capital over the next three years to upgrade both its transmission facilities and headend equipment. To implement these upgrade plans, considerable engineering, design and construction activities must be completed. The new joint venture company will ensure that uniform engineering and construction planning is in place and implemented so that an orderly and efficient construction and installation program is followed.
(I chopped off those repetious end bits) |
