Madge Spins-off Lannet !
This is interesting in terms of history and geography.
Thursday April 23, 8:45 pm Eastern Time
Madge Networks to spin-off Lannet
JERUSALEM, April 23 (Reuters) - Madge Networks NV of the Netherlands (MADGF - news) will spin off Israel's Lannet
Data Communications Ltd, a wholly owned subsidiary, which will be listed separately on the Nasdaq, a Lannet official said
on Thursday.
''Madge decided not to keep all of its business activities under one roof and decided to split them up so that they could control
their own destiny,'' Koby Huberman, Lannet's vice president of marketing and business development told Reuters. He said
the spin-off was likely to take place in the third quarter.
Madge will distribute Lannet shares as a dividend to shareholders, Huberman said. Robert Madge, chairman of Lannet's
board of directors will maintain his 40 percent stake in Lannet following the deal, said Huberman.
In November 1995, computer networking group Madge acquired Lannet, a leading provider of Ethernet switched
networking solutions and one of Israel's best known high-tech companies.
In the second half of 1997, Madge decided that it would be more efficient to split up its business activities, and in January
1998 Lannet started to operate separately, Huberman said.
''Lannet became its own company in January 1998 and in the first quarter the business came back to profitability,'' he said.
I liked the MRV news release today, very much. I printed a copy, and hung it on my wall.
Richard. |
