Cabletron finalizes agreement to acquire network express.ROCHESTER, N.H.--(BUSINESS WIRE)--Aug. 1, 1996--Cabletron Systems (NYSE NYSE See: New York Stock Exchange :CS), a leading intranet solutions provider, announced today it has completed its acquisition of Network Express, a leading global provider of ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. (Integrated Services Digital Network Integrated services digital network (ISDN) A generic term referring to the integration of communications services transported over digital facilities such as wire pairs, coaxial cables, optical fibers, microwave radio, and satellites. ) LAN switched access solutions. Under terms of the merger agreement, .1388 shares of Cabletron common stock were exchanged for each outstanding share of Network Express (and cash in lieu Cash In Lieu (CIL) In a typical exchange offer, "old" shares of the target company are exchanged for "new shares". of fractional shares). The transaction is intended to qualify as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. and a tax-free reorganization. The acquisition launches Cabletron into the rapidly-expanding market of ISDN internetworking and strengthens the company's end-to-end Wide Area Network (WAN) solutions. The Rochester, N.H.-based company can now provide an even broader range of Remote Access hardware and software products for both the head-end/main office and for telecommuters, remote offices and individual Intranet/World Wide Web users. In addition, the acquisition bolsters Cabletron's internal development of ISDN and other high speed dial-up access products, a market which is experiencing rapid growth as more remote users connect to corporate intranets and the Internet. "The strategic acquisition of Network Express extends our tradition of providing complete networking solutions to the booming remote access market," said S. Robert Levin, Cabletron's president and chief executive officer. "We're now able to provide customers with best-of-breed products for implementing end-to-end remote access -- from the sophisticated multi-user main office devices to ISDN adapters for the individual telecommuter A person who telecommutes. See telecommuting. at home or on the road." Cabletron Systems is the recognized leader in providing high-performance intranetworking solutions, including LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. and ATM switches and advanced network and systems management software. Under its Synthesis product framework, Cabletron markets products throughout the world for linking and managing enterprise-wide networks. With corporate headquarters in Rochester, N.H. Cabletron employs over 5,800 people worldwide. Cabletron's common stock is traded over the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CS. Over the last four quarters, the company has reported record revenue of $1.1 billion. -0- Cabletron's World Wide Web site can be reached on the Internet at http://www.cabletron.com/. Cabletron and Synthesis are trademarks of Cabletron Systems. "The Stuff Intranets Are Made of" is a service mark of Cabletron Systems. All other products or services found in this document are identified by the trademarks or service marks of their respective companies or organizations. CONTACT: Cabletron Systems Rich Teplitsky, 603/337-1356 rteplits@ctron.com home page: http://www.cabletron.com |
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