nanog mailing list archives
GTE to acquire BBN
From: John Curran <jcurran () bbnplanet com>
Date: Tue, 6 May 1997 08:45:07 -0400
FYI, /John === FOR IMMEDIATE RELEASE For Information Contact: Peter W. Thonis BBN Corporation (617) 873-3512 pthonis () bbn com 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, BBNís 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 Planetís value-added services, which include web hosting, managed security, consulting and systems integration services, grew by approximately 18 percent sequentially over the prev - - - - - - - - - - - - - - - - -
Current thread:
- GTE to acquire BBN John Curran (May 06)
- Re: GTE to acquire BBN Ed Morin (May 06)
- <Possible follow-ups>
- Re: GTE to acquire BBN Chris Steinke (May 06)
- Re: GTE to acquire BBN Eric D. Madison (May 06)
- Re: GTE to acquire BBN Charles Sprickman (May 07)
- Re: GTE to acquire BBN richard welty (May 07)
- Re: GTE to acquire BBN Selina F. Priestley (May 07)
- Re: GTE to acquire BBN Rob Skrobola (May 07)
- Re: GTE to acquire BBN Perry E. Metzger (May 07)
- Re: GTE to acquire BBN Kenneth E. Gray (May 07)