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Rivals Apex, Cybex Agree to $1.04-Billion Merger

March 09, 2000|Bloomberg News

Apex Inc. and Cybex Computer Products Corp. agreed to a merger valued at about $1.04 billion that would bring together two rival makers of equipment for managing computer networks. The two companies make equipment that enables network administrators to control several computers from a single keyboard. Apex and Cybex, the only two publicly traded companies that make these systems, have taken turns holding the No. 1 spot in the industry. Cybex shareholders would get one share of the merged company for each share held. Apex shareholders would receive 1.0905 shares for each share held. Shares in Redmond, Wash.-based Apex jumped $6.13 to close at $42.13, and Cybex fell $3.81 to close at $41, both on Nasdaq. The combined company, not yet named, would use Cybex's Huntsville, Ala., headquarters.

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