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Technology Stocks : Ascend Communications (ASND)

ASND 197.59

-0.8%

Nov 7 9:30 AM EST

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To: William F. Wager, Jr. who wrote (61132)	6/3/1999 4:33:00 PM
From: William F. Wager, Jr.	of 61433

Closure of Merger---> Alameda, California, May 21 (Bloomberg) -- Ascend Communications Inc., the No. 3 maker of networking equipment, said shareholders will vote June 24 on Lucent Technologies Inc.'s proposed $21 billion takeover of Ascend, the largest purchase of a computer-networking company. Ascend shareholders will receive 1.65 shares of Lucent stock for each Ascend share they hold. At Lucent's price today, the offer is worth about $94.98 per Ascend share. The ratio takes into account a 2-for-1 split of Lucent's stock, payable on June 1. The proposed acquisition has cleared most regulatory hurdles. Lucent, the world's largest maker of telephone equipment, is pushing into the market for gear used to carry Internet traffic and other data communications. Lucent wants Ascend's powerful switches to compete with No. 1 networking company Cisco Systems Inc. in the market for Internet gear sold to phone companies. Lucent said it expects to complete the purchase immediately following the Ascend shareholder vote. Lucent said its shareholders aren't required to vote on the agreement. --Bill

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