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Ciena's lost deal hits share value, shot at merger.(Business)
- Article from:
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The Washington Times
- Article date:
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August 22, 1998
- Author:
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Copyright informationCOPYRIGHT 1998 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Ciena Corp. said it lost a major sale yesterday, news that sent the Linthicum, Md., high-tech company's shares plummeting 44 percent yesterday and put its merger with Tellabs Inc. in danger.
Ciena said yesterday that AT&T Corp. had decided not to buy any Ciena telecommunications equipment in the near future, sending Ciena's shares down $25.53 to $31.25. The stock drop could threaten Tellab's $6.8 billion purchase of Ciena or at least force a renegotiation of terms, analysts said.
"Obviously, the market was surprised," said Tom Burnett, director of Merger Insight, a research firm. "We're hopeful the companies could still negotiate some sort of deal."
Under ...
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