General Instrument Corp.'98 (GIC) Message Board

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Technology Stocks : General Instrument Corp.'98 (GIC)

GIC 31.07

+0.7%

3:59 PM EST

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To: Highway Jim who wrote (552)	4/5/1999 1:08:00 PM
From: louis mason	Read Replies (1) of 615

This seems to be more good news: Monday April 5, 10:37 am Eastern Time General Instrument says Liberty to buy major stake HORSHAM, Pa., April 5 (Reuters) - Cable television equipment maker General Instrument Corp. (NYSE:GIC - news) said Monday Liberty Media Group (NYSE:LMGa - news) will become its largest stockholder after Forstmann Little & Co. dumps most of its holdings in a trio of sales. The company said Liberty, a wholly-owned subsidiary of AT&T Corp. (NYSE:T - news), agreed to purchase 10 million General Instrument shares from two Forstmann Little partnerships for $280 million. General Instrument said the purchase, together with present holdings, will increase Liberty's ownership interest to about 18 percent of outstanding shares, and to roughly 20.5 percent assuming the exercise of warrants. Forstmann Little's stake meanwhile drops to about 1 percent from 12.5 percent as of December. General Instrument said it also agreed to repurchase 5.3 million shares of its common stock from the Forstmann Little & Co. partnerships for $148.4 million. lmason

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