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Technology Stocks : VLSI Technology - Waiting for good news from NASDAQ !!! -- Ignore unavailable to you. Want to Upgrade?

To: Larry S. who wrote (5482)	3/4/1999 2:09:00 PM
From: Linda Kaplan	Read Replies (2) \| Respond to of 6565

Headline: Philips Electronics to start hostile bid for VLSI ====================================================================== NEW YORK, March 4 (Reuters) - Netherlands-based Philips Electronics NV (AMS:PHG) said Thursday it will formally launch a $777 million hostile takeover bid for California chipmaker VLSI Technology Inc. (NASDAQ:VLSI) on Friday. The move came one day after VLSI said it needed more time to evaluate Philips' unsolicited $17-a-share offer, which was disclosed last week. Philips also said it will ask VLSI to remove its "poison pill" antitakeover defense, which would make it prohibitively expensive for Philips to buy the company. If VLSI does not remove the pill, Philips said it will take steps to oust the VLSI board of directors and replace the members with nominees who would allow its offer to proceed. Philips said it was encouraged by VLSI's statement on Wednesday that it has an "open mind" about the offer. "However, given the compelling nature of the offer and Philips' desire to quickly complete such a mutually beneficial transaction, Philips has decided to take its offer directly to VLSI shareholders," Philips said. The development sent shares of VLSI up $1 to $18.375 on Nasdaq on speculation the company may eventually be sold at a price above the $17 per share bid. Copyright 1999, Reuters News Service