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Technology Stocks : TLAB info?
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To: Jay Rommel who wrote (4181)10/19/1998 6:08:00 PM
From: Dave Dickerson  Read Replies (3) of 7342
 
To all- comment on the supposed rumor that Mike and Tellab's is still interested in doing Ciena deal. I listened to SQUAWKBOX 10/19/98 piece and have reviewed transcript of same and I didn't get the impression that Mike and board was still dying to do a merger. Ciena stockholders are willing to grasp at anything and put Ciena's stock up 32% to 12 3/8 based on what they wanted to infer from this interview.
For the record the transcript reads as follows-
"Mr. Birck, our analysts love this Tellab's-Ciena deal when it took place. Now Ciena trading at 11 bucks. Doesn't it have any interest for you at this point? Mike Birck said
"Well, I would not say that it does not. And we certainly came to know them pretty well and have considerable respect for them. The problem at 11 bucks is that they see themselves as a 30,40 dollar stock and would wait it out rather than sacrifice a fairly significant amount to get a deal done. So they may be around for awhile. Seemingly, an attractive opportunity but with a, some hesitancy about trying to do something at these low prices".
Following another ? Mike said "I wouldn't say it scared us off but it was certainly not a pleasant experience. The lesson, perhaps, the larger the acquisition the more difficult it is--- .So we're not wary of acquisitions to the extent that we would just turn them down. But we don't see any requisite that says we have to go out and acquire somebody to ensure our future either".
Now I suppose you can read into these comments anything you want to.
DAVE DICKERSON
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