Proxim/Netopia halt merger
Proxim Inc., which took a hit in stock prices last week when Intel switched its standards preference from HomeRF to Wi-Fi or 802.11b, can add an aborted merger to the fallout.
Proxim, a manufacturer of networking equipment, was to purchase Netopia Inc., a maker of broadband Internet equipment. The merger was valued at $223 million in January, but both companies saw stock values fall since then, with a final blow after Intel's announcement, when Proxim's stock fell most dramatically. Present prices have reduced the merger value to less than $60 million, The Wall Street Journal reports.