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Technology Stocks : PairGain Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Jim S who wrote (36117)	2/25/2000 4:06:00 PM
From: Jim S	Respond to of 36349

marketwatch.newsalert.com GlobeSpan Closes PairGain's Microelectronics Group Acquisition Business Wire - February 25, 2000 14:25 RED BANK, N.J./TUSTIN, Calif.--(BUSINESS WIRE)--Feb. 25, 2000-- GlobeSpan, Inc. (NASDAQ: GSPN), a leading provider of integrated circuit, software and systems designs for digital subscriber line (DSL) applications and PairGain Technologies, Inc. (NASDAQ:PAIR), a leader in DSL access systems, today announced they closed the purchase and sale of PairGain's microelectronics group, designers of integrated circuits and software for DSL applications, to GlobeSpan. The purchase price was a combination of 1,081,197 shares of GlobeSpan common stock and a $90.0 million subordinated redeemable convertible note. About GlobeSpan GlobeSpan, Inc. is a leading worldwide developer of advanced DSL chipsets, which enable data transmission over the existing network of copper telephone wires, known as the local loop, at rates over 100 times faster than today's commonly deployed 56K modems. To date, the company has shipped several million DSL chipsets, representing a significant share of this emerging market, to a customer base of more than 100 DSL equipment manufacturers. GlobeSpan, Inc. is based at 100 Schulz Drive, Red Bank, New Jersey 07701 and can be reached by phone at + 1-732-345-7500. The company's web site is www.globespan.net. GlobeSpan is a trademark of GlobeSpan, Inc. About PairGain Technologies, Inc. PairGain is the leader in the design, manufacture and sale of DSL networking systems. Service providers and private network operators worldwide use PairGain's products to deploy DSL-based services such as high-speed Internet and remote LAN access. On February 23, 2000 the company announced that it had reached an agreement with ADC Telecommunications (NASDAQ: ADCT) for the acquisition of PairGain by ADC. Additional information about the company is available on the Internet at www.pairgain.com. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including but not limited to economic, competitive, governmental and technological factors affecting both GlobeSpan's and PairGain Technologies' operations, markets, services and related products, prices and other factors discussed in GlobeSpan's recent prospectus and other periodic filing with the Securities and Exchange Commission and PairGain's periodic filings with the Securities and Exchange Commission. CONTACT: Press Contact: GlobeSpan, Inc. Bob McMullan Chief Financial Officer +1-732-345-7558 or PairGain Technologies, Inc. Kim Gower + 1-714-832-9922

To: Jim S who wrote (36117)	2/25/2000 5:40:00 PM
From: David Browning	Read Replies (1) \| Respond to of 36349

Jim, you left out the ..."just now"... My view is that this company has done extremely well, several splits in last couple of years, including one last week, reflecting successful growth effort. However, they are at the top of their game as they are making this deal, and the market is looking very shaky overall. Ergo, as I am now dependent on their price for the value of my PAIR until deal is done in July, I'll take my cash, thanks. (Waiting a few days for possible better offers...) That way, if they continue upward, I can later compare with what I invested my proceeds in, but if they tank, I'm not required to take .43 of wherever they wind up at time of closing. The fundamental problem with this deal is there is no premium for PAIR holders. All you get is tax-free exchange, and that is meaningless to much of the investor base, retirement plans, institutions, etc. As the large part of my PAIR investment is IRA, I can ignore tax consequences as well. That leaves little incentive to see what can go right or wrong with the market between now and July (!). Basically, ADTC is a good company, highly priced, locking me into a swap I would not make ordinarily if I were selling my PAIR. Bye.