GTE to acquire BBN

Tue May 6 16:24:34 UTC 1997

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 at 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 at nwnexus.com
 Northwest Nexus - Professional Internet Services	Bellevue, WA USA
 Voice: 425 455-3505	Web: http://www.nwnexus.com	Info: info at nwnexus.com