September 21, 2000 |
ADC Telecommunications Inc., a maker of telephone equipment, said it will buy Broadband Access Systems, a start-up developer of high-speed data and voice delivery systems, for stock valued at $2.25 billion. ADC said the acquisition of privately held Broadband Access would ready it for a surge in demand for high-speed Internet access services over cable television and digital subscriber line networks. DSL services allow high-speed Web access over copper phone lines.
June 29, 2000 |
ADC Telecommunications Inc. completed its acquisition Wednesday of PairGain Technologies Inc., the Tustin-based pioneer of high-speed communications devices that became mired in scandal and disappointing financial results in recent years. PairGain's operations are scheduled to remain in Tustin, but the company's name is being dropped. The stock last traded Tuesday on Nasdaq, closing at $34.19, down $2.19.
June 27, 2000 |
Shareholders of PairGain Technologies Inc. on Monday approved ADC Telecommunications Inc.'s acquisition of the Tustin manufacturer of telecommunications equipment in a $1.51-billion stock swap. Stocks of both companies set 52-week highs in Nasdaq trading after the announcement. PairGain shares hit $38 before settling back to close at $36.38, up $2.56. ADC's stock rose $6.19 to $85. The transaction is scheduled to be completed by the end of the week.
May 19, 2000 |
ADC Telecommunications Inc. reported fiscal second-quarter profit that more than doubled and boosted its earnings estimates for the full year. The company also said that Chief Executive William Cadogan will retire by the end of next year and a search has begun for a successor. ADC, whose equipment eliminates bottlenecks in phone networks, said profit surged to $93.7 million, or 29 cents a share, in the latest quarter, from $45.3 million, or 15 cents, a year ago, as sales climbed 55% to $709.
May 9, 2000
A Minneapolis company's proposed acquisition of Tustin-based telecommunications equipment manufacturer PairGain Technologies Inc. has cleared a federal regulatory hurdle, PairGain said Monday. The proposed acquisition by rival ADC Telecommunications Inc. has cleared a waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act. The deal, valued at $1.6 billion in stock at the time it was announced in February, is expected to be wrapped up July 31.
May 6, 2000 |
ADC Telecommunications Inc. said it agreed to buy two Scandinavian fiber-optic parts companies for $1.04 billion in stock and cash to boost its components business. The news sent ADC's shares up $5.88, or 10%, to close at $63.13 on Nasdaq. Minneapolis-based ADC, which also makes equipment used to link telephone networks, agreed to pay $961.2 million for Altitun of Sweden and $80 million for Ibsen of Denmark.