ADC Telecommunications Completes Acquisition of Teledata Communications.
MINNEAPOLIS--(BUSINESS WIRE)--Nov. 5, 1998--ADC Telecommunications, Inc. (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 : ADCT ADCT Adaptive Discrete Cosine Transform ; www.adc.com) today announced that it has completed the acquisition of Teledata Communications Ltd. (NASDAQ: TLDCF; www.teledata.co.il). ADC acquired Teledata at a price of $15.75 per share, or approximately $200 million in cash, for all of Teledata's outstanding shares of stock and conversion of outstanding Teledata stock options into ADC common stock options. Effective today, Teledata's shares will no longer be traded on the Nasdaq National Market System. A letter of transmittal Letter of Transmittal
A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. setting forth the procedure for surrendering stock certificates in exchange for payment will be sent to shareholders by The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007. The bank now continues under the new name of The Bank of New York Mellon Corporation. as the Paying Agent Paying Agent
An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. (Telephone: (800) 507-9357).
ADC Telecommunications, Inc. is a leading global supplier of voice, video and data systems for telephone, cable television, Internet, broadcast, wireless and private communications networks. ADC's systems enable local access and high-speed transmission of communications services from providers to consumers and businesses over fiber optic, copper, coaxial and wireless media. Headquartered in Minneapolis, Minnesota, ADC has approximately 7,800 employees around the world and annual sales of $1.3 billion.
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Any forward-looking statements contained herein reflect management's current expectations or beliefs. ADC Telecommunications cautions readers that future actual results could differ materially from those in forward-looking statements depending on the outcome of certain factors, including the risks and uncertainties identified in Exhibit 99 to ADC's Report on Form 10-K for the fiscal year ended October 31, 1997.