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North American Network Operators Group Date Prev | Date Next | Date Index | Thread Index | Author Index | Historical GTE to acquire BBN
FYI, /John === FOR IMMEDIATE RELEASE For Information Contact: Peter W. Thonis BBN Corporation (617) 873-3512 [email protected] GTE TO ACQUIRE BBN; BBN ANNOUNCES THIRD QUARTER FISCAL YEAR 1997 RESULTS Cambridge, Mass., May 6, 1997 --- BBN Corporation (NYSE:BBN) today said that GTE Corp. (NYSE: GTE) has agreed to acquire BBN in a transaction valued at approximately $616 million. Under the terms of the transaction, GTE will shortly commence a cash tender offer to acquire all the outstanding shares of BBN common stock at a price of $29 per share. BBN also reported third quarter revenue of $95.9 million, a 58 percent increase from $60.8 million in the third quarter of a year ago. Revenue for the nine month period ended March 31, 1997 was $254.1 million, an increase of 53 percent over $165.6 million for the nine months ended March 31, 1996. The revenue growth in the third quarter ended March 31, 1997 reflects continued significant growth in BBN Planet, BBN�s Internet services division. BBN Planet had third quarter revenue of $48.2 million, a 134 percent increase over revenue of $20.6 million for the comparable quarter ended March 31, 1996 and a 23 percent sequential increase over $39.2 million in the quarter ended December 31, 1996. America Online-related revenue was $23.2 million, representing 48 percent of BBN Planet revenue. Revenue from BBN Planet�s value-added services, which include web hosting, managed security, consulting and systems integration services, grew by approximately 18 percent sequentially over the prev - - - - - - - - - - - - - - - - -
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