Business Services Industry
Lucent Spinoff Is Still Missing a Price Tag.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, September, 2000 by Johnson, Tom
Sep. 1--Lucent Technologies shareholders will get one share of Avaya Inc. stock for every 12 shares they own, but they will have to wait a month before they find out how much Wall Street values the spinoff of the Murray Hill corporate phone network unit.
The shares will be distributed as a special stock dividend to shareholders of record as of Sept. 20, but the new stock, expected to go under the ticker AV, will not begin trading until Oct. 2.
Lucent decided to spin off the $8 billion company, which sells corporate phone and data networks to nearly 1 million customers, many of the Fortune 500 companies, earlier this year so that it could focus on the red-hot optical and Internet businesses. Avaya has 34,000 employees, including 3,300 in New Jersey....
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