Re: GTE to acquire BBN

[Ed Morin <edm () halcyon com>]

Yea, it's been around the office here a few times this morning.

On Tue, 6 May 1997, John Curran wrote:

> 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

___________________________________________________________________________
 Ed Morin                                               edm () nwnexus com
 Northwest Nexus - Professional Internet Services       Bellevue, WA USA
 Voice: 425 455-3505    Web: http://www.nwnexus.com     Info: info () nwnexus com

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