Siemens and Efficient Networks Complete Acquisition

Apr 04, 2001, 01:00 ET from Siemens AG

    MUNICH, Germany, and DALLAS, April 4 /PRNewswire/ -- Siemens AG (NYSE:   SI)
 today announced the completion by its Information and Communication Networks
 Group (ICN) of its acquisition of Efficient Networks, Inc.
     On February 22, 2001, Siemens Corporation, a wholly owned subsidiary of
 Siemens AG, and Efficient Networks, Inc. announced that they had entered into
 a merger agreement under which a wholly owned subsidiary of Siemens
 Corporation, Memphis Acquisition Inc., commenced on March 2, 2001 an all-cash
 tender offer for all of Efficient Networks' outstanding common stock at a
 price of $23.50 per share.  Siemens acquired more than 90% of the outstanding
 shares of Efficient Networks common stock pursuant to a tender offer that
 expired on Thursday, March 29, 2001.  In the second step of the acquisition,
 Memphis Acquisition Inc. merged with Efficient Networks on April 3, 2001 and
 Efficient Networks became a wholly owned subsidiary of Siemens.  Under
 applicable law, the merger of Memphis Acquisition Inc. and Efficient Networks
 was permitted without a formal meeting of the stockholders of Efficient
 Networks.  Prior to commencement of the tender offer, Siemens held
 approximately 6.34% of the outstanding shares of Efficient Networks.
 
     Siemens Information and Communication Networks Group
     Siemens Information and Communication Networks Group (ICN) is a leading
 provider of integrated voice and data networks for enterprises, carriers and
 service providers.  Its comprehensive portfolio comprises, in particular,
 IP-based convergence solutions, and a full range of products for broadband
 access, optical transport networks, as well as the integration, services and
 applications business.  The Siemens Group provides complete solutions from a
 single source for the infrastructure of the Next Generation Internet, a
 prerequisite for mobile business.  In fiscal year 2000 (year-end 30 September
 2000) ICN posted sales of 11.4 billion Euro, and earnings before interest and
 taxes (EBIT) of 692 million Euro.  ICN employs 53,000 people worldwide.
     Further information about ICN is available at:
 http://www.ic.siemens.com/networks
 
     Efficient Networks
     Efficient Networks, based in Dallas, Texas, USA, is a leading independent
 developer and supplier of high-speed DSL CPE.  Efficient Networks has
 approximately 600 employees.  Efficient Networks' customers include network
 service providers, network equipment vendors and carrier-aligned distributors.
 Significant customers for the calendar year 2000 include: AOL, Bell South,
 Hanaro Telecom, SBC Communications, Singapore Telecom, Sprint, TeleDanmark,
 Telefonica and Worldcom.
     Efficient Networks reported sales of $102.5 million in the quarter ended
 December 31, 2000.  Losses before interest, tax and amortization were
 $8.6 million for the period.  As of December 31, 2000, Efficient Networks had
 total stockholders' equity of $987.9 million, cash and short-term investments
 of $436.4 million and convertible subordinated notes of $400.0 million.
 
 

SOURCE Siemens AG
    MUNICH, Germany, and DALLAS, April 4 /PRNewswire/ -- Siemens AG (NYSE:   SI)
 today announced the completion by its Information and Communication Networks
 Group (ICN) of its acquisition of Efficient Networks, Inc.
     On February 22, 2001, Siemens Corporation, a wholly owned subsidiary of
 Siemens AG, and Efficient Networks, Inc. announced that they had entered into
 a merger agreement under which a wholly owned subsidiary of Siemens
 Corporation, Memphis Acquisition Inc., commenced on March 2, 2001 an all-cash
 tender offer for all of Efficient Networks' outstanding common stock at a
 price of $23.50 per share.  Siemens acquired more than 90% of the outstanding
 shares of Efficient Networks common stock pursuant to a tender offer that
 expired on Thursday, March 29, 2001.  In the second step of the acquisition,
 Memphis Acquisition Inc. merged with Efficient Networks on April 3, 2001 and
 Efficient Networks became a wholly owned subsidiary of Siemens.  Under
 applicable law, the merger of Memphis Acquisition Inc. and Efficient Networks
 was permitted without a formal meeting of the stockholders of Efficient
 Networks.  Prior to commencement of the tender offer, Siemens held
 approximately 6.34% of the outstanding shares of Efficient Networks.
 
     Siemens Information and Communication Networks Group
     Siemens Information and Communication Networks Group (ICN) is a leading
 provider of integrated voice and data networks for enterprises, carriers and
 service providers.  Its comprehensive portfolio comprises, in particular,
 IP-based convergence solutions, and a full range of products for broadband
 access, optical transport networks, as well as the integration, services and
 applications business.  The Siemens Group provides complete solutions from a
 single source for the infrastructure of the Next Generation Internet, a
 prerequisite for mobile business.  In fiscal year 2000 (year-end 30 September
 2000) ICN posted sales of 11.4 billion Euro, and earnings before interest and
 taxes (EBIT) of 692 million Euro.  ICN employs 53,000 people worldwide.
     Further information about ICN is available at:
 http://www.ic.siemens.com/networks
 
     Efficient Networks
     Efficient Networks, based in Dallas, Texas, USA, is a leading independent
 developer and supplier of high-speed DSL CPE.  Efficient Networks has
 approximately 600 employees.  Efficient Networks' customers include network
 service providers, network equipment vendors and carrier-aligned distributors.
 Significant customers for the calendar year 2000 include: AOL, Bell South,
 Hanaro Telecom, SBC Communications, Singapore Telecom, Sprint, TeleDanmark,
 Telefonica and Worldcom.
     Efficient Networks reported sales of $102.5 million in the quarter ended
 December 31, 2000.  Losses before interest, tax and amortization were
 $8.6 million for the period.  As of December 31, 2000, Efficient Networks had
 total stockholders' equity of $987.9 million, cash and short-term investments
 of $436.4 million and convertible subordinated notes of $400.0 million.
 
 SOURCE  Siemens AG