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Technology Stocks : Ciena (CIEN)

CIEN 212.93

+5.6%

Dec 8 4:00 PM EST

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To: gbh who wrote (3029)	9/14/1998 8:42:00 AM
From: Gary Korn	of 12623

CIEN CC: Nettles: "Key thing...the strategic fit is there, but not the vote...we waived termination fees in light of market reaction which means unlikely shareholder approval...negative impact on valuation is harmful to both employees and customers...CIEN would have been undervalued, and we felt it improper and not right to do that.... "Short term financial performance has made it problematic to carry on with this transaction... "Fundamentals of our business remain strong... "Mike Birck and I talk a lot, have a good relationship...this is not a falling out, just a mutual recognition of realities... "We would have benefited from their sales channels...still, we are excited about our market opportunities...our prospects as independent entity remain very strong....can do better job rebuilding shareholder value as independent company... "DWM optical networking is creeping further on the network...market opportunity in both long distance and local side remains an extremely large opportunity... "Stong balance sheet, over $200MM in cash...

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