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

To: otter who wrote (6133)	4/8/1999 9:30:00 AM
From: Linda Kaplan	Read Replies (1) \| Respond to of 6565

Another version of the news: Headline: Philips signs standstill pact with VLSI ====================================================================== SUNNYVALE, Calif., April 8 (Reuters) - Royal Philips Electronics (AMS:PHG) said Thursday that it has signed an agreement with VLSI Technology Inc (NASDAQ:VLSI) that gives Philips access to information about the computer chip maker and stops Philips from raising its stake in VLSI without its permission for about a month. According to the confidentiality and standstill agreement, VLSI will provide Philips with prompt access to non-public information and access to VLSI management in due diligence sessions. On March 18, VLSI rejected a $777 million, or $17-per-share hostile bid from the Dutch electronics giant. As part of today's pact, Philips has agreed to not purchase any more VLSI shares without the permission of VLSI's board of directors prior to May 10 and has agreed to not solicit consents to replace VLSI's board before then. During the standstill, if VLSI requests a formal proposal from a third party for a strategic transaction, then VLSI will also request a formal proposal from Philips. Philips will be immediately released from the standstill agreement if VLSI signs an agreement with another party. Philips extended its cash tender offer for VLSI shares to May 10 from April 16. nyc.equities.newsroom@reuters.com)) Copyright 1999, Reuters News Service