Wooing Bay Network officials costs Nortel 6-figure cheques
Article Abstract:
Northern Telecom Ltd., a Brampton, Ontario-based telecommunications equipment manufacturer, has agreed to pay millions of dollar to six top executive officers of Bay Networks Corp., a Santa Clara, CA-based computer networking company. The agreement is part of the deal signed by Northern Telecom to acquire Bay Networks for $9.1 billion. The pay packages, which replace the severance packages that the six executives would have received from Bay Networks, will be given in cash lump sums and accelerated payments of Bay Networks stock options within a year of the closing of the deal. In return, the six executives, including Bay Networks Chairman, President and CEO David House, are expected to stay with the company even after the completion of the deal.
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Six top executives to receive pay packages from Northern Telecom
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Nortel to buy call centre unit
Article Abstract:
Telecommunication equipment maker Nortel Networks Corp of Brampton, Ontario, has announced a deal to acquire call-centre technology developer Periphonics Corp of Bohemia, NY, for $436 million in stock. Under the deal, Nortel will pay C$29.23 for each Perophonics share or a 16% premium on the stock's closing priece on Aug 23, 1999. Perophonics develops and markets equipment to automate telephone call processing systems.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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