Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : General Instrument Corp.'98 (GIC) -- Ignore unavailable to you. Want to Upgrade?

To: John F Beule who wrote (419)	8/26/1998 5:34:00 PM
From: Don Dorsey	Read Replies (3) \| Respond to of 615

GIC has held up well in a bad market. This could be bad though. <<<<<<<<<<<<<<<<<<<<<< General Instrument Files Registration Statement For Secondary Share Offering; Forstmann Little To Conclude Its Eight Year Investment in General Instrument HORSHAM, Pa., Aug. 26 /PRNewswire/ -- General Instrument Corporation (NYSE: GIC) announced today that, at the request of Forstmann Little & Co., it has filed a registration statement on Form S-3 with the Securities and Exchange Commission which, when effective, will enable Forstmann Little to distribute to its general and limited partners, or sell approximately 21.7 million registered shares of General Instrument common stock. The shares represent approximately 12.5% of General Instrument's outstanding common stock. Approximately 17 million of these shares are expected to be sold in a secondary offering managed by Goldman, Sachs & Co., Merrill Lynch & Co. and Lazard Freres & Co. LLC. Registration statements were also filed today to enable Forstmann Little to simultaneously distribute or sell its shareholdings in CommScope, Inc. (NYSE: CTV) and General Semiconductor, Inc. (NYSE: SEM) which became separate public companies as a result of the three-way split-up of the former General Instrument Corporation in July 1997. Forstmann Little acquired the former General Instrument in August 1990 and reduced its position through an initial public offering in June 1992. It subsequently pared its stake further through secondary offerings in March 1993, September 1993 and April 1995. "General Instrument has been an outstanding investment for our firm, and we are confident in the future of GI," said senior partner Theodore J. Forstmann. "This distribution now reflects our belief that, after eight years, our limited partners should be free to make their own investment decisions concerning the rest of their shareholdings in the three companies," he added. "This will mark the conclusion of a successful eight-year association between GI and Forstmann Little," said Edward D. Breen, Chairman and Chief Executive Officer of General Instrument. "This association has brought us through many changes in our industry and in our company, and we thank Forstmann Little for the numerous contributions its partners have made to our success," he added. General Instrument Corporation is a leading worldwide provider of integrated and interactive broadband access solutions, teaming with its business partners to lead the convergence of the Internet, telecommunications and video entertainment industries. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that a registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state. SOURCE General Instrument Corporation -0- 08/26/98 /CONTACT: Sharon Corbitt, Director, Communications, 215-323-1873, e-mail, scorbitt@gi.com, or Dario Santana, Investor, VP, Investor Relations, 215-323-1213, e-mail, dsantana@gi.com, both of General Instrument/ /Web site: gi.com (GIC CTV SEM)