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

To: Linda Kaplan who wrote (5829)	3/19/1999 7:38:00 AM
From: Ram Seetharaman	Read Replies (1) \| Respond to of 6565

Morning Linda! Here is a different version of the same from Scott McGregor, a senior vice president at Philips Semiconductors! VLSI rejects Philips offer By Bloomberg News Special to CNET News.com March 18, 1999, 8:25 p.m. PT VLSI Technology rejected a $777 million bid from Philips Electronics as inadequate and said it will pursue options including selling to another company and negotiating with Philips. Philips began an unsolicited $17-a-share tender offer on March 5, after VLSI failed to respond to a Philips made February 25. Philips had requested a response by March 3. Philips has no plans to raise its bid and will continue with the tender offer, which expires April 1, said Scott McGregor, a senior vice president at Philips Semiconductors. Philips also may begin a proxy solicitation to remove the VLSI board with shareholders' consent. "We aren't currently prepared to pay more," McGregor said. VLSI's board said it will explore a merger, sale, or recapitalization and expects to enter negotiations that lead to a "strategic transaction." It wasn't more specific and didn't name potential partners. Linda, I don't like the recapitalization part! Ram