Alcatel Completes Tender Offer for XylanCorporation
April 5, 1999 09:17 AM
PARIS--(BUSINESS WIRE)--April 5, 1999--Alcatel ALA today announced that it has successfully completed its tender offer to purchase all of the outstanding shares of Xylan Corporation XYLN for $37.00 per share. The tender offer expired at 12:00 midnight, New York City time, on Friday, April 2, 1999.
Based on a preliminary count, approximately 97% of the outstanding shares of Xylan (together with shares already owned by Alcatel) were tendered. Alcatel has accepted for purchase all of these shares. Payment for shares accepted for purchase in the tender offer will be made within five business days.
Alcatel expects to merge Xylan with a subsidiary of Alcatel by the end of April. As a result of the merger, the shares of Xylan that were not tendered in the tender offer will be converted into the right to receive $37.00 per share in cash and Xylan will become a wholly-owned indirect subsidiary of Alcatel.
In addition, Alcatel has also recently finalized its acquisition of Assured Access Technology, Inc. On March 4, Alcatel announced it would acquire all of Assured Access Technology's outstanding capital and employee stock options in a cash transaction of a total value of $350 million.
|
