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Technology Stocks : TAVA Technologies (TAVA-NASDAQ)
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To: Scooter who wrote (6986)12/8/1997 10:44:00 PM
From: E  Read Replies (1) of 31646
 
Some quotes from an article in the Dec. 6/7 Financial Times. Caption is "'Millennium bug' blamed for Dutch sell-off collapse."

"The biggest Dutch privatisation of the year collapsed yesterday when the bidder for Roccade, the state computer services agencies, said legal worries from 'the millennium bug' made it too risky to proceed. Getronics, an Amsterdam-listed information technology company, two months ago won exclusive rights to negotiate with the government on the estimated Fl 1.3bn ($650) purchase. The Hague rejected a rival offer by International Business Machines of the US. The deal would have created the country's biggest computer services group.

Ton Risseeuw, Getronics chairman, said yesterday the state was not willing to provide adequate indemnities against lawsuits if Roccade software made computer systems go wrong at or around the turn of the century.

The case is a striking example of the difficulties faced by the IT sector because of [y2k problems]. It is one of the first where the problem has been blamed for scuppering a well-publicised merger within the industry.

[A lawyer] said: 'This is becoming more and more an issue in takeovers, not only among companies in the computer sector but any which are dependent on IT. Anybody acquiring a computer company would be mad not to investigate what potential year 2000 liabilities there are.'

The government said the disagreement was purely financial..."
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