Bindusagar,
This is confusing indeed. According to the following Bloomberg report, many people are confused. It says "Newbridge and its main competitor, Ascend Communications Inc., each put out similar press releases saying they won a contract to supply equipment to China Post. Winchester said confusion over which company had won what had nothing to do with the trading halt."
Regards,
Hisham
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Newbridge Shares Halted by TSE, NYSE After China Post Contract
Toronto, Nov. 25 (Bloomberg) -- Newbridge Networks Corp. shares were halted in Toronto and New York to allow news to spread of a new contract the Canadian network-equipment maker won to supply the national postal service of China.
From the headline it appeared to be something of a material nature,'' said Neil Winchester, manager of market surveillance at the Toronto Stock Exchange. ''I don't know exactly what the dollar value is, but we didn't want to take any chances and we agreed amongst all markets to give it a bit of time for dissemination.''
Shares of Newbridge rose C$4.35 (US$2.81) to C$43.10 when trading resumed after 45 minutes at 10:30 a.m. Eastern time.
Newbridge and its main competitor, Ascend Communications Inc., each put out similar press releases saying they won a contract to supply equipment to China Post. Winchester said confusion over which company had won what had nothing to do with the trading halt.
Newbridge is based in Kanata, Ontario, a suburb of Ottawa.
11:15:44 11/25/1998
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