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Technology Stocks : Lucent Technologies (LU) -- Ignore unavailable to you. Want to Upgrade?

To: ratan lal who wrote (3201)	7/22/1998 2:15:00 AM
From: Dolfan	Respond to of 21876

News on the JNA Deal... JNA says recommends Lucent offer SYDNEY, July 22 (Reuters) - JNA Telecommunications Ltd said on Wednesday that its board of directors unanimously recommended the A$3.75 per share takeover bid from Lucent Technologies Inc in the absence of a higher offer. ''This offer is the result of a competitive international search process conducted by the company assisted by its advisers, Deutsche Bank,'' JNA said. ''The offer price of A$3.75 per share represents a substantial premium of A2.24 over the average price of A$1.51 during the first six months of 1998,'' it said. JNA chairman John Almgren said the Lucent offer was the result of an extensive search for a major partner. Managing director Peter Davies said JNA company did not have the capacity to compete globally without a large partner. ''The alternative to joining with a major international supplier would be for the company to continue forward independently for potentially higher rewards later but with all the attendant risks and challenges of needing to significantly increase export sales in rapidly changing and consolidating world markets,'' Davies said. JNA shares were three cents higher at A$3.73 in Wednesday morning trade. Regards, Mark