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Wednesday June 24, 1:12 pm Eastern Time
ADC links stock jump to AT&T-TCI deal
CHICAGO, June 24 (Reuters) - ADC Telecommunications Inc. said the sharp rise in its share price Wednesday was linked to
the proposed merger of AT&T Corp. (T - news) and Tele-Communications Inc. (TCOMA - news).
''Everybody is reacting to the AT&T-TCI merger that was announced this morning,'' said Mark Borman, vice president of
investor relations for ADC.
''We sell the full range of telephone cable products that (fit) the strategy AT&T announced today to access the local loop,'' he
said. ''AT&T is a significant customer of ours.''
Shares of Minneapolis-based ADC were up 3-1/16 at 35-11/16, with more than 5.0 million shares changing hands.
AT&T's strategy includes combining its long-distance, wireless and Internet services with TCI's cable, telecommunications and
high-speed Internet business.
Talk had circulated in the market that ADC may be a takeover target.
''Rumors are always around,'' Borman said. ''We can't comment on them.''
ADC makes voice, video and data systems for telephone, cable television, Internet, broadcast, wireless and private
communications networks.
More Quotes
and News:
ADC Telecommunications Inc (Nasdaq:ADCT - news)
AT&T Corp (NYSE:T - news)
Tele-Communications Inc (Nasdaq:TCOMA - news)
Related News Categories: US Market News
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