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

To: Maui Jim who wrote (5511)	3/4/1999 8:21:00 PM
From: Linda Kaplan	Respond to of 6565

page not found on your link. meanwhile here's another article with a few tidbits that seemed new: Headline: FOCUS-Philips to launch hostile bid for VLSI ====================================================================== (combines takes, adds byline, trader quote para 4, background para 5, 8, 11-12) By Robin Sidel NEW YORK, March 4 (Reuters) - Netherlands-based Philips Electronics NV (AMS:PHG) said Thursday it would formally launch a $777 million hostile takeover bid for California chipmaker VLSI Technology Inc. (NASDAQ:VLSI) on Friday. The Philips statement came one day after VLSI said it needed more time to evaluate the unsolicited $17-a-share offer, which was disclosed last week. The news sent VLSI's stock up $1 to $18.375 on the Nasdaq stock market on speculation that VLSI may eventually be sold at a price above the Philips bid. "This sets a floor (on the price). The (stock's) downside is limited by having a good, strategic buyer," said one trader of takeover stocks, who spoke on condition of anonymity. Sources familiar with the situation told Reuters earlier this week that Philips was preparing a hostile bid. The tender offer will expire on April 1, Philips said. In addition to taking the bid directly to VLSI shareholders with a tender offer, Philips said it would ask VLSI to remove its "poison pill" takeover defense, which would make it prohibitively expensive for Philips to buy the company. If VLSI does not remove the pill, Philips said it would take steps to oust the VLSI board of directors and replace the members with nominees who would allow its offer to proceed. San Jose, Calif.-based VLSI could not immediately be reached for comment on the latest development. Late Wednesday, the company said its board would meet March 23 to consider the Philips bid after an evaluation by a team of financial advisers. Philips said it was encouraged by VLSI's statement on Wednesday that it had 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," the Dutch company said. VLSI is considered vulnerable to the hostile bid because its six-member board is up for reelection at the company's annual meeting this spring. Philips has said it intends to use VLSI as a platform for expansion in North America. VLSI makes integrated circuits for products such as cellular phones. Copyright 1999, Reuters News Service