ADC says Teledata holders approve deal
October 26, 1998 02:42 PM
MINNEAPOLIS, Oct 26 (Reuters) - ADC Telecommunications Inc. said Monday that shareholders of Israel-based Teledata Communications Ltd. TLDCF approved a proposed $200 million acquisition by ADC.
After the transaction is completed, ADC said it expects to take a one-time charge for purchased research and development expense, the amount of which has not yet been determined.
According to terms of the proposed acquisition, Teledata shareholders would receive $15.75 a share or about $200 million in cash for all of Teledata's outstanding shares of stock.
Completion of the acquisition requires certain conditions including final judicial approval in Israel, with completion expected by the end of October or early November.
ADC supplies voice, video and data systems for telephone, cable television, Internet, broadcast, wireless and private communications networks. ADC's systems enable local access and high-speed transmission of communications services from providers to consumers and businesses over fiber optic, copper, coaxial and wireless media. ADC has about 7,800 employees around the world and annual sales of $1.3 billion.
Teledata designs, develops, makes, markets and supports advanced wireline and wireless customer access network equipment for telephone operating companies worldwide.
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