Adopts Stockholder Rights Plan
IRVINE, Calif., Nov. 10 /PRNewswire/ -- Datum Inc. (Nasdaq: DATM) today
announced that it has received an unsolicited proposal from Frequency
Electronics, Inc. (Amex: FEI) to merge the two companies for either $10.00 in
cash or 1.0596 shares of Frequency Electronics common stock for each
outstanding share of Datum common stock, or a combination of both cash and
stock. The Company has retained Hambrecht & Quist LLC as its financial
advisor and Stradling Yocca Carlson & Rauth and Potter Anderson & Corroon LLP
as its legal advisors, and is evaluating the situation. The Company
anticipates making a formal announcement with respect to the proposal within
the next few days.
Datum today also announced that its board of directors has adopted a
stockholder rights plan to protect stockholders from any unwelcome attempt to
acquire the Company. Erik van der Kaay, President and Chief Executive Officer
stated, "While the stockholder rights plan will not prohibit the acquisition
of the Company, it establishes certain rights to ensure that should any
unsolicited acquisition occur, it would be on terms equitable to all
Datum Inc. designs, manufactures and markets a wide variety of
high-performance time and frequency products used to synchronize the flow of
information in telecommunications networks. The Company is also a leading
supplier of precise timing products for computing networks, satellite systems,
electronic commerce and test and measurement applications.
SOURCE Datum, Inc.
/CONTACT: David A. Young, Chief Financial Officer of Datum, Inc.,
/Web site: http://www.datum.com/
CO: Datum, Inc.; Frequency Electronics, Inc.; Hambrecht & Quist LLC;
Stradling Yocca Carlson & Rauth; Potter Anderson & Corroon LLP
IN: MLM TLS
SU: TNM SRP
-0- Nov/10/1999 6:31
EOS (PRN) Nov/10/1999 06:31 85
-0- (PRN) Nov/10/1999 6:46
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