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Technology Stocks : BAY Ntwks (under House) -- Ignore unavailable to you. Want to Upgrade?

To: Paul Lee who wrote (6916)	8/6/1998 8:07:00 AM
From: Paul Lee	Read Replies (1) \| Respond to of 6980

Nortel (Northern Telecom) and Bay Networks Announce Expiration of Hart-Scott-Rodino Waiting Period in Connection With Nortel/Bay Networks Merger TORONTO AND SANTA CLARA, Aug. 6 /PRNewswire/ - Nortel (Northern Telecom) (NYSE: NT / TSE: NTL) and Bay Networks (NYSE: BAY) today announced that the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the ''HSR Act'') expired yesterday in connection with the Nortel/Bay Networks merger. On June 15, 1998, Nortel and Bay Networks announced the entering into of a definitive merger agreement through which Nortel will acquire Bay Networks. The consummation of the merger is subject to certain customary conditions, including approval by the shareholders of Bay Networks and certain other regulatory filings and approvals. Bay Networks has called a special meeting of its stockholders on August 28, 1998 to consider the merger. As previously disclosed, Nortel and Bay Networks expect that the merger will close in the third quarter of 1998.