COMS & the Ghost of USRX w/ other STUFF Message Board

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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF

COMS 0.00130

-13.3%

Nov 7 11:47 AM EST

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To: Scrapps who wrote (6344)	10/7/1997 3:25:00 PM
From: Moonray	of 22053

U.S. Robotics Wins Approval of Merger Lawsuits' Settlement Wilmington, Delaware, Oct. 7 (Bloomberg) -- U.S. Robotics Corp.'s settlement of shareholder lawsuits over the computer modem maker's $8.54 billion merger with 3Com Corp. won approval from a Chancery Court judge. Judge Bernard Balick's ruling today ends 11 shareholder lawsuits filed in February after Santa Clara, California-based 3Com offered to acquire Robotics in a stock swap. The purchase was completed in June. Shareholders objected to the purchase, arguing that the exchange ratio was unfair. 3Com issued 1.75 shares for each U.S. Robotics share, or 188 million shares. Shareholders also said the board failed to disclose second-quarter earnings that may have persuaded them to reject the transaction. The shareholders argument that they were being underpaid for their stock lost steam when 3Com's stock rose significantly after announcement of the merger. The stock has risen 42 percent since Feb. 26, the day the transaction was announced. As part of the settlement, U.S. Robotics officials agreed to send a copy of its second-quarter earnings report to all who owned the company's stock in late February when the merger was announced, court papers said. Skokie, Illinois-based U.S. Robotics also agreed to pay up to $500,000 in attorneys' fees for the shareholders. o~~~ O

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