Alcatel Completes Tender Offer for Xylan Corporation
BusinessWire, Monday, April 05, 1999 at 09:35
PARIS--(BUSINESS WIRE)--April 5, 1999--Alcatel (NYSE:ALA) today
announced that it has successfully completed its tender offer to
purchase all of the outstanding shares of Xylan Corporation
(NASDAQ: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.
About 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. You can visit Alcatel on
the web at www.alcatel.com.
CONTACT: Alcatel
Press relations
Christophe Lachnitt, +33 (0)1 40 76 12 19
christophe.lachnitt@alcatel.fr
or
Mark Burnworth, 972/519-5168
burnma@usa.alcatel.com
or
Investor Relations
Charlotte Laurent-Ottomane, +33 (0)1 40 76 13 30
Charlotte.Laurent-Ottomane@alcatel.fr
or
Stephane Mermet, +33 (0)1 40 76 16 04
Stephane.mermet@alcatel.fr
or
Michael Haase (U.S.), 972/519-6855
mhaase@usa.alcatel.com
KEYWORD: TEXAS INTERNATIONAL EUROPE
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
MERGERS/ACQ
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