Perry, You could be right too. One thing puzzles me a little because Bloomberg's news (below) said too much. IMO, Bloomberg should not contact anyone (from PAIR or ECI). If it is a fake or joke, just simply deny it. The words summed up by Bloomberg sounded to me they were trying to cover something.
Charlie
---------------------------------------------------------------------
Hot Stocks
Wed, 07 Apr 1999, 1:29pm EDT
PairGain Shares Rise on Bogus Report ECI Telecom Buying Company
Tustin, California, April 7 (Bloomberg) -- PairGain Technologies Inc. shares rose as
much as 31 percent after a bogus report on the Internet said the phone-equipment
maker agreed to be acquired by Israel's ECI Telecom Ltd. ''We have not announced an
agreement with ECI,'' said Charles McBrayer, PairGain's chief financial officer, denying
the report. ''We have not announced a thing.'' ECI offices in Petah Tikva, Israel, were
closed today for the Passover holiday.
The story, which was posted on a message board operated by Yahoo! Inc., said ECI
would buy Tustin, California-based PairGain for about $1.35 billion in cash and other
compensation. The story was identified as coming from Bloomberg News. Bloomberg
News didn't write the story.
PairGain rose 1 to 9 1/2 in midday trading of 8.7 million shares. Earlier, the shares
touched 11 1/8. ECI's U.S. shares fell 1/2 to 35 3/4. |
