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Technology Stocks : Veritas (VRTS)

VRTS 164.26

-0.8%

9:30 AM EST

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To: Roger Zucchet who wrote (216)	10/7/1998 11:46:00 PM
From: Louie Romano	of 742

Has anyone here due any DD on the vrts/tbp deal? Your thoughts are appreciated. TeleBackup Systems Inc. TBP-ASE Oct.06/98- TeleBackup Systems Inc., a leading developer of data backup software solutions, today issued an update and clarification regarding its proposed merger with VERITAS Software Corporation. Preparation for the merger is proceeding as planned with both parties currently working on a joint information circular to be mailed to shareholders in the near future along with other related documentation. A special shareholders meeting will be scheduled in due course for the purpose of gaining shareholder approval for the transaction. The closing of the merger is also subject to regulatory approval in both Canada and the U.S. on October 5th, VERITAS announced its intention to acquire a division of Seagate Software, Inc., in exchange for 33 million shares of VERITAS. Today's market activity in both the shares of VERITAS and TeleBackup is perceived as a reaction to that announcement and should not be construed as an indicator of any adverse news with respect to the TeleBackup/VERITAS combination.

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