ADC Telecommunications Gets PairGain
Dow Jones
Shareholders of PairGain Technologies Inc. on Monday approved ADC Telecommunications Inc.’s acquisition of the Tustin manufacturer of telecommunications equipment in a $1.51-billion stock swap.
Stocks of both companies set 52-week highs in Nasdaq trading after the announcement. PairGain shares hit $38 before settling back to close at $36.38, up $2.56. ADC’s stock rose $6.19 to $85.
The transaction is scheduled to be completed by the end of the week.
ADC, which is based in Minneapolis, makes communications software and hardware systems.
PairGain’s operations are scheduled to remain in Tustin, although the company’s name will disappear.
