3Com and U.S. Robotics shareholders approve largest merger in data networking industry.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif. and SKOKIE, Ill.--(BUSINESS WIRE)--June 11, 1997--3Com Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : COMS COMS 3Com Corporation (stock symbol) COMS Certified Orientation and Mobility Specialist COMS Continuous Opacity Monitoring Systems COMS City of Manchester Stadium (UK) ) and U.S. Robotics (U.S. Robotics, Inc., Schaumburg, IL, www.usr.com) A modem manufacturer highly regarded for its quality products. The company manufactures its own chipsets (data pumps) and often leads with innovations. Its HST protocol was a high-speed, reliable protocol before V. Corporation (NASDAQ: USRX) today announced that shareholders of both companies have voted to approve the previously announced merger of the two companies. The transaction, which will result in the largest business combination in the history of the networking industry, is expected to close on Thursday, June 12, following completion of necessary filings. Since 1990, through a series of acquisitions and internal growth, 3Com has increased its annual revenues from $420 million to more than $5.5 billion. The close of the merger will mark another milestone in solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. 3Com's leadership in the networking industry. 3Com will hold technology and market share leadership in most of the critical areas of the networking industry. It will have the industry's broadest product line that will be delivered through the most diverse worldwide distribution channels. 3Com company will employ approximately 13,500 employees in 45 countries worldwide. Speaking to shareholders in Santa Clara, 3Com Chairman and Chief Executive Eric Benhamou said, "The combination of 3Com and U.S. Robotics creates a networking powerhouse in the continuing development of enterprise and carrier networks, while helping usher in Verb 1. usher in - be a precursor of; "The fall of the Berlin Wall ushered in the post-Cold War period" inaugurate, introduce commence, lead off, start, begin - set in motion, cause to start; "The U.S. a new era of simple, fast network access for small businesses and consumers. "The next wave of growth in networking will be led by companies that offer faster access to the network, that build more intelligence into the network, and that lower the cost of network ownership," Benhamou continued. "The new 3Com is now best positioned to meet and surpass these requirements and deliver our solutions to the broadest set of customers in the industry." Speaking to shareholders in Chicago, Illinois, Casey Cowell, chairman and chief executive officer of U.S. Robotics said, "3Com and U.S. Robotics can now accomplish together things that no other networking company in the industry can achieve alone. By adding U.S. Robotics' leadership position in remote access networking and modems to 3Com's leadership in network interface cards and enterprise systems, we will create the company most capable of delivering to customers the benefits of integrated end-to-end network systems." Under the terms of the merger agreement, first announced on February 26, shareholders of U.S. Robotics will receive 1.75 shares of 3Com stock for each share of U.S. Robotics stock they hold. The value of the merger is $8.5 billion based on the price of 3Com stock at $45 7/16 at the close of market, Tuesday, June 10, 1997. The merged company will be headed by Eric Benhamou, who will remain as chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Casey Cowell will become vice chairman of 3Com's Board of Directors. John McCartney John McCartney is a name shared by the following individuals:
Other members of the Executive Committee include the following: Rick Edson, senior vice president, Client Access Products New Business Initiatives; Debra Engel, senior vice president of Corporate Services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. ; Ralph Godfrey, senior vice president of Client Access Products, Americas Sales; John Hart, senior
About 3Com Corporation 3Com Corporation enables individuals and organizations worldwide to communicate and share information and resources at anytime from anywhere. As the world's preeminent supplier of data, voice and video communications technology Noun 1. communications technology - the activity of designing and constructing and maintaining communication systems engineering, technology - the practical application of science to commerce or industry , 3Com has delivered networking solutions to more than 100 million customers worldwide. With global reach and local touch, the company gives enterprises, network service providers and carriers, small businesses and consumers the most comprehensive, innovative information access products and system solutions for building intelligent, reliable and high performance local and wide area networks. For further information, visit 3Com's new World Wide Web site at http://www.3Com.com or call 1-800-NET-3COM. -0- Note to Editors: 3Com is a registered trademark of 3Com Corporation. U.S. Robotics is a registered trademark of U.S. Robotics Corporation. CONTACT: 3Com Investor Relations Investor relations The process by which the corporation communicates with its investors. Bill Slakey, 408/326-1286 Bill_Slakey@3com.com or 3Com Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Leslie Davis Leslie A. Davis was an American diplomat and wartime US consul to Harput, Ottoman Empire from 1914 to 1917, who witnessed the Armenian Genocide. Witnessing the Armenian Genocide , 408/764-7187 Leslie_Davis@3com.com or U.S. Robotics Public Relations Kathleen Behof, 847/982-5161 kbehof@usr.com |
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