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THE EXCELAN/NETWORK EQUIPMENT TECHNOLOGIES MERGER IS OFF

Looks, as we suggested yesterday, as if the merger between Excelan Inc, San Jose, and Network Equipment Technologies Inc, Redwood City, is off, because the latter says it no longer wants to proceed with it: Excelan hotly denies that it has breached the merger agreement (CI No 930) saying that it has performed its obligations under the agreement completely and in good faith, although several major Excelan shareholders had said they opposed the merger; it had told Network Equipment of the opposition, which led to the latter offering to improve terms to $14 a share from $12 under certain circumstances; Excelan’s board advised Net Equipment that the new proposal would be unlikely to be enough; nevertheless it would continue to perform its obligations and present the merger as modified to holders.

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