TO ALL: Check this out.
Remember the 9/12/97 press release stating that Avant completed the COMPASS acquisition?
Here is the report from Reuter:
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FREMONT, Calif., Sept 12 (Reuter) - Avant! Corp(AVNT - news) said on Friday it expects to take a significant charge for in-process research and development in the third quarter of 1997 from the acquisition of COMPASS Design Automation.
Avant! said in a press release it completed its acquisition of COMPASS, which was formerly a subsidiary of VLSI Technology Inc (VLSI).
The company said it exchanged $17,500,000 and 522,192 shares of its common stock for all outstanding COMPASS common and preferred stock. ....
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Now here is the same press release from techweb, except it includes an additional...and telling....detail:
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FREMONT, Calif. -- Avant said it will take a significant charge in the third quarter related to its acquisition of Compass Design Automation from VLSI Technology, a deal that was completed Friday. Avant said it also plans lay off about 50 percent of Compass' employees. "We are pleased that since the signing of the definitive agreement at the end of July, we have been able to prepare the integration process so that we may swiftly streamline the Compass operations," said Gerald C. Hsu, chairman, president, and CEO of Avant. "The majority of the merger logistics are already behind us."
Avant said it exchanged $17.5 million and 522,192 shares of its common stock for all outstanding Compass common and preferred stock. |
