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Article: Cancelled contract unbalances Tellabs-Ciena mergers

Article from:
Telecommunications
Article date:
September 1, 1998
Author:
Copyright

NEW YORK - Ciena Corp. shares plunged last month in the wake of fears that telephone equipment maker, Tellabs, will abandon its acquisition of the US fibre optics company. Shareholders in the two companies were scheduled to approve the deal on 21 August , but votes were postponed after AT&T announced that it was cancelling and important equipment contract with Ciena.

Originally Tellabs had agreed to a US$6.3 billion allstock offer for Ciena, but news of AT&T's cancelled order and disappointing earnings forecasts pushed down Ciena's stock to just over US$ 3 billion in the last week of August. Meanwhile, Tellabs shares rose nine per cent, prompting its shareholders to re-consider the ...

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