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Newport Corp. Drops Acquisition of U.K. Firm

O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

October 18, 2000|Dow Jones

Newport Corp., Irvine maker of fiber-optics components, said Tuesday that it has called off plans to acquire International Metrology Systems, a United Kingdom-based global supplier of measurement systems.

Newport attributed the decision to business and legal issues, but did not elaborate.

The companies had tentatively agreed to the deal in June, and the transaction was to have been completed in August.

Newport's stock fell $14.06 a share, or 9.3%, to $138.25 in Nasdaq trading.

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