Coherent's Shareholders Approve Merger
May 12, 1998 12:22 PM
ASHBURN, Va.--(BUSINESS WIRE)--May 12, 1998--The shareholders of Coherent Communications Systems Corporation (CCSC) today approved the acquisition of their Company by Tellabs, Inc., (TLAB) in an exchange of stock worth approximately $800 million as valued at yesterday's closing prices.
Coherent Communications Systems Corporation today announced that its shareholders approved by a large majority vote the acquisition of Coherent by Tellabs, Inc., in an exchange of one share of Coherent common stock for 0.72 shares of Tellabs common stock.
At yesterday's closing price of $69.50 per share for Tellabs stock, the value of the transaction is approximately $800 million.
The proposed merger is subject to a review by the Department of Justice under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The Department of Justice has requested additional information and Coherent and Tellabs are complying with that request. Currently that review is underway.
Coherent Communications Systems Corporation designs, manufactures and markets echo cancellation and conferencing products for major international telecommunications companies, cellular and PCS providers, network operators and Fortune 500 companies.
Tellabs designs, manufactures, markets and services voice and data transport and network access systems. The Company's products are used world-wide by the providers of communications services.
Also available via, coherent.com |
