The group led by New York investor George Soros which says that it has amassed 10.9% of the shares of Paradyne Corp, Largo, Florida (CI No 985), says that it reserves the right to increase its stake, or to formulate other purposes, plans or proposals regarding the issuer or its securities – it paid between $4.625 and $6 to acquire its shares and Paradyne is now trading at $5.75, all of which means that Paradyne is unlikely to be permitted to continue its recovery in peace for much longer: just as happened with NBI Inc, another target of a hostile investment group, Paradyne had been putting together its own restructuring plan just as the raiders struck, and has announced that it wants to shed 300 staff worldwide, 10% of the total; it may close some plants or offices in the effort to reduce overheads, but says its products are being well received by our customers and we feel confident about the future.
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