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Strategies & Market Trends : Angels of Alchemy -- Ignore unavailable to you. Want to Upgrade?

To: SirRealist who wrote (20052)	11/13/2000 5:08:29 AM
From: vagabond	Respond to of 24256

WMUX/ADAP news... ==================== Monday November 13, 1:43 am Eastern Time Western Multiplex to buy Adaptive for $645 mln NEW YORK, Nov 13 (Reuters) - High-speed communications equipment maker Western Multiplex Corp. (NasdaqNM:WMUX - news) has reached an agreement to buy Adaptive Broadband Corp. for $645 million in stock, the Wall Street Journal reported on Monday. The paper's electronic edition quoted Jonathan Zakin, Western Multiplex's chairman and chief executive, as saying the merger between the two Sunnyvale, Calif.-based companies makes sense because of the fit. ``This will give us the ability to connect seamlessly throughout the entire network,'' Zakin was quoted as saying. ``We are going to have an integrated product that doesn't yet exist.'' The transaction calls for each share of Adaptive, formerly known as California Microwave, to be exchanged for 1.345 shares of Western Multiplex, the paper said. That would represent a 34 percent premium over Adaptive Broadband's closing price of $12-13/16 on the Nasdaq Friday, given Western Multiplex's closing price Friday of $12-3/4, also on the Nasdaq. The deal is expected to add to earnings per share of Western Multiplex by the fourth quarter of 2001, and is expected to close in the first quarter of 2001, the paper said.