Alcatel Announces Expiration of Hart-Scott-Rodino Waiting Period; to Proceed With Acquisition of Xylan Corporation
BusinessWire, Wednesday, March 24, 1999 at 10:29
PARIS--(BUSINESS WIRE)--March 24, 1999--Alcatel (NYSE:ALA) today
announced that the 15-day waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act has expired, allowing it to proceed with
its acquisition of Xylan Corporation (NASDAQ:XYLN).
As previously announced, Alcatel and Xylan are parties to a
merger agreement. Under the terms of the merger agreement, on March 8,
1999, Alcatel commenced a tender offer to purchase all of the
outstanding shares of Xylan for $37.00 per share. The tender offer is
scheduled to expire on April 2, 1999, unless extended, and is subject
to a number of conditions. Following consummation of the tender offer,
the merger agreement provides for the acquisition by Alcatel of the
remaining shares of Xylan in a merger between Xylan and a subsidiary
of Alcatel.
Alcatel builds next generation networks, delivering integrated
end-to-end voice and data communications solutions to established and
new carriers, as well as enterprises and consumers worldwide. With
120,000 employees and sales of EURO 21.3 billion ($25.0 billion),
Alcatel operates in more than 130 countries. For more information,
visit Alcatel on Internet: alcatel.com.
Xylan has been the fastest growing internetworking company in the
history of the industry, acquiring more than 4,000 customers and
growing total revenues to $348 million in just five years. In each of
the last two years, the company has grown approximately 65%,
outstripping the growth of the data networking market. More
information about Xylan and its products is available at
www.xylan.com.
CONTACT: Alcatel
Press Relations
Jean-Christophe Huertas, +33 1 40 76 11 79
Jean-christophe.huertas@alcatel.fr
or
Niall Hickey, +33 1 40 76 11 56
niall.hickey@alcatel.fr
or
Amy Morenz, 972/519-5123
Amy.p.morenz@usa.alcatel.com
or
Investor Relations
Claire Pedini, +33 1 40 76 13 93
Claire.pedini@alcatel.fr
or
Charlotte Laurent-Ottomane, +33 1 40 76 13 30
Charlotte.Laurent-Ottomane@alcatel.fr
or
Stephane Mermet, +33 1 40 76 16 04
Stephane.mermet@alcatel.fr
or
Michael Haase (US), 972/519-6855
mhaase@usa.alcatel.com
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