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Strategies & Market Trends : Group Therapy -- Ignore unavailable to you. Want to Upgrade?

To: Duane L. Olson who wrote (2180)	8/28/2000 1:41:26 AM
From: E. Graphs	Read Replies (1) \| Respond to of 4564

Applied Micro Circuits to Acquire MMC Networks for $4.5 Billion in Stock bloomberg.com San Diego, Aug. 27 (Bloomberg) -- Applied Micro Circuits Corp., whose chips speed data traffic on fiber-optic networks, agreed to buy microprocessor designer MMC Networks Inc. for about $4.5 billion in stock to fill a gap in its product line. Applied Micro will issue 0.619 share of its stock for each MMC share. That values MMC at $116.72 a share, a 49 percent premium to its closing price of 78 1/4 on Friday. The purchase comes after similar moves by some of Applied Micro's top rivals -- such as PMC-Sierra Inc. and Vitesse Semiconductor Corp. -- to buy network-equipment microprocessor makers in an effort to offer a more complete set of chips to customers such as Nortel Networks Corp. and Cisco Systems Inc....<<