US remote access expert Penril Datacomm Networks today announced a shareholder meeting to vote on the spin-off of its modem business and its proposed merger with Bay Networks.
Officials at Penril confirmed it has agreed to sell Penril Datability Networks, its modem business, to Bay Networks, for $120 million. It confirmed it had scheduled a shareholder vote for 15 November in connection with the merger. Datability Networks, which Penril acquired three years ago, specialises in digital signal processing modems.
The spin-off of Penril Datability Networks will result in the creation of a new, publicly-traded company named Access Beyond, which will concentrate on devices for connecting travelling business people and others to local area networks, remotely.
The deal is expected to leave Access Beyond in far better financial shape than Penril, since Bay will assume all long-term debt of the company, as well as some current liabilities.
In addition, the company announced the expected members of the board of directors for Access Beyond. These will be Ronald Howard (chairman of the board), Arthur Samburg, Barbara Perrier, John Howard and Paul Schaller.
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