PARIS, France, April 6 -- Alcatel reports that it has completed its tender offer to purchase all of the outstanding shares of Xylan Corp. for $37.00 per share. Based on a preliminary count, approximately 97% of the outstanding shares of Xylan (together with shares already owned by Alcatel) were tendered. Alcatel has accepted for purchase all of these shares. Payment for shares accepted for purchase in the tender offer will be made within five business days.
Alcatel expects to merge Xylan with a subsidiary of Alcatel by the end of April. As a result of the merger, the shares of Xylan that were not tendered in the tender offer will be converted into the right to receive $37.00 per share in cash, and Xylan will become a wholly-owned indirect subsidiary of Alcatel.
In addition, Alcatel recently finalized its acquisition of Assured Access Technology, Inc. On March 4, Alcatel announced it would acquire all of Assured Access Technology's outstanding capital and employee stock options in a cash transaction valued at $350 million.