sure sounds like deal goes thru
Nortel (Northern Telecom) and Bay Networks Announce Clearance of Nortel/Bay Networks Merger by European Commission and Canadian Competition Bureau
TORONTO AND SANTA CLARA, CA, Aug. 21 /PRNewswire/ - Nortel (Northern Telecom) (NYSE: NT / TSE: NTL) and Bay Networks (NYSE: BAY) today announced that the European Commission had approved, and the Canadian Competition Bureau had cleared for closing, the Nortel/Bay Networks merger.
On June 15, 1998, Nortel and Bay Networks announced the entering into of a definitive merger agreement through which Nortel will acquire Bay Networks. The consummation of the merger is subject to certain customary conditions, most importantly the approval by the stockholders of Bay Networks. On August 6, 1998, Nortel and Bay Networks announced the expiration of the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Bay Networks has called a special meeting of its stockholders on August 28, 1998 to approve the merger. Assuming the approval of Bay Networks stockholders and satisfaction of all closing conditions, Nortel and Bay Networks anticipate that the merger will close on August 31, 1998. |
