Cisco Systems Finalizes Agreement to Acquire Crescendo Communications
MENLO PARK, Calif., Sept. 24, 1993 -- Cisco Systems today announcedthe completion of its acquisition of Crescendo Communications, Inc., aprivately held networking company providing high-performance workgroupsolutions to the desktop. Cisco and Crescendo signed an agreement onSeptember 20, 1993 pursuant to which Cisco would acquire all outstandingstock and assume all outstanding employee stock options and warrants ofCrescendo in exchange for 2,000,000 shares of Cisco common stock. Theclosing sale price for Cisco common stock on NASDAQ on Sept. 23 was $47.25per share. Completion of the acquisition was subject to approval ofCrescendo's shareholders, which was received on September 23, 1993.
In announcing the agreement on Sept. 21, Cisco president and CEO JohnMorgridge said, "The acquisition of Crescendo equips Cisco with atechnology that will permit us even greater responsiveness to therequirements of our traditional workgroup market."