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Lucent Spinoff

September 01, 2000|Reuters

Lucent Technologies Inc. said it will spin off its $8-billion Avaya unit, which provides technology for operator call centers and corporate campuses, by paying a special stock dividend to its shareholders. Shareholders of record Sept. 20 will receive one share of Avaya common stock for every 12 Lucent shares held, and cash will be paid in lieu of fractional shares. Lucent said in March it would separate the slower-growing unit so it could focus on its faster-growing optical, data-networking and wireless businesses. The Murray Hill, N.J.-based company has been trying to restructure its operations in an effort to rebuild investor confidence and jump-start growth after failing to keep up with demand for fiber-optic equipment. Lucent shares fell $1 to close at $42 on the New York Stock Exchange.

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