Enterasys spins off, starts trading
Cabletron spinoff Enterasys Networks (NYSE: ETS) closed at $13.75 a share on its first day of trading yesterday. Company Chair and CEO Henry Fiallo launched the stock by ringing the opening bell on the exchange.
Cabletron had announced in early July that it would finish its spinoff of its Riverstone subsidiary and launch Enterasys Networks as an independent public company on Aug. 6. Cabletron also has shut down and will no longer trade.
Another subsidiary, Aprisma Management Technologies, is now a subsidiary of Enterasys, and should spin off by year's end. Finally, the company in mid-July announced plans to part out a fourth subsidiary, GlobalNetwork Technology Services, parts of which were sold to several buyers.