Business Services Industry
NetVantage Stockholders Approve Cabletron Merger
Business Wire, Sept 25, 1998
EL SEGUNDO, Calif.--(BUSINESS WIRE)--Sept. 25, 1998--NetVantage Inc. (Nasdaq:NETVA) Friday announced that its stockholders have approved the company's proposed acquisition by Cabletron Systems Inc. (NYSE:CS). The transaction is anticipated to close promptly.
Under the terms of the merger agreement, each NetVantage Class A and Class B share, and each ten Class E shares, will be exchanged for eight/thirteenths (approximately .6154) of a share of Cabletron common stock.
NetVantage stock options will become options to acquire Cabletron shares at an adjusted price reflecting this exchange ratio. The transaction will be accounted for as a purchase and is intended to qualify as a tax-free reorganization.
Related Results
NetVantage is a leading worldwide OEM supplier of workgroup Ethernet switches. The company develops, manufactures and markets high-quality, technologically advanced Ethernet workgroup and desktop switching systems designed to increase the information handling capacity of local-area networks and is expanding its presence in high-performance workgroup switching.
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