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NET EQUIPMENT SAYS EXCELAN IN BREACH OF MERGER PACT

The agreed acquisition by Network Equipment Technologies Inc, Redwood City, California of Excelan Inc of San Jose seems to have run into trouble. Excelan had agreed to be acquired for 0.667 of a Network Equipment share for each of its own outstanding, in a transaction that would value it at $119.4m (CI No 909). Network Equipment now says it has told Excelan that it believes the latter to be in breach of its obligations under their April 14 agreement, and that it has advised Excelan that it therefore has the right to exercise its option to buy up to 21% of Excelan at $12 per common share. There was no elaboration, and Excelan had no comment.

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