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Technology Stocks : Ciena (CIEN)

CIEN 229.14

-0.4%

Jan 23 4:00 PM EST

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To: Helen MacMillan who wrote (1118)	12/31/1997 11:01:00 AM
From: Darryl Olson	Read Replies (1) of 12623

Helen: I believe there was a small article in the WSJ on the day CIEN jumped $3. The article mentioned that CIEN was preparing a rights offering whereby existing shareholders would be entitled to one right whenever an outside party acquired 15% of CIEN stock. These offerings are a type of "poison pill" and are oftentimes enacted whenever there is concern about a takeover. They force any interested parties to negotiate with existing management. CIEN mentioned something to the effect that there were no active suitors at this time. As a side note, the company I work for enacted a similar rights offering. Low and behold, a few months later they announced that they had agreed to be purhcased by another co.

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