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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Mcglen Internet Alters Deal With Lan Plus

March 23, 2001|Dow Jones

Mcglen Internet Group Inc., a Tustin specialty technology company, said Thursday that it has amended its merger agreement with Lan Plus Corp., removing performance conditions outlined in the original agreement.

Mcglen said in a press release that according to Lan Plus management, Mcglen has already met all performance conditions. The companies signed the original agreement Oct. 12.

Mcglen said it needs shareholder and regulatory approval to complete the merger, and will mail a proxy to shareholders seeking approval and a name for the new company.

Mcglen also named Lan Plus' chief executive, company founder Andy Teng, to Mcglen's board, along with Richard Shyu, Lan Plus' executive vice president. Both will abstain from voting on issues related to the pending merger and any other transaction between Mcglen and Lan Plus.

Upon completion of the merger, Teng will become the combined companies' chief executive and chairman, and Shyu will become president.

Shares of Mcglen gained 9 cents Wednesday to close at 31 cents a share on Nasdaq.

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