H-P Details Agilent Spinoff Terms in Aftermarket

Agilent readies for its 57 million-share initial public offering.
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Hewlett-Packard

(HWP)

subsidiary

Agilent Technologies

said it plans to sell 57 million shares in an estimated range of 19 to 22 a share. Agilent makes test, measurement and monitoring instruments as well as semiconductors and optical components. It said it plans to use the estimated $1.1 billion it hopes to raise to pay Hewlett-Packard as a dividend. Hewlett-Packard will pay about $983 million in cash to Agilent under the terms of its separation agreement.

Following the IPO, H-P will hold about 87% of Agilent's common stock, or 380 million shares, and plans to complete its divestiture by mid-2000 by distributing shares to common stockholders. The underwriters include

Morgan Stanley Dean Witter

,

Goldman Sachs

,

Credit Suisse First Boston

and

Merrill Lynch

.

Meanwhile, medical device maker

Vascular Solutions

has a weak heart from all this market turbulence. The company has postponed its proposed IPO indefinitely, saying that it intends to reevaluate market conditions in 2000. Vascular had originally announced in July that it planned to raise $40 million.

In other post-close news (earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

CV Therapeutics

(CVTX)

posted a third-quarter loss of 50 cents a share, a penny wider than the two-analyst estimate and wider than a year-ago loss of 35 cents.

Macdermid

(MRD)

posted second-quarter earnings of 36 cents a share, missing the five-analyst estimate of 39 cents, but up from a year-ago 34 cents a share. The company estimated that the earthquake in Taiwan, a weaker dollar and start-up and integration costs reduced second-quarter earnings by 5 cents.

Mergers, acquisitions and joint ventures

The

Federal Communications Commission

approved

AT&T's

(T) - Get Report

$10 billion joint venture with

British Telecommunications

(BTY)

.

InterDent

(DENT)

said it signed a merger agreement with a group consisting of an affiliate of

Leonard Green & Partners

and management members including its CEO Michael Fiore. Shareholders will receive $9.50 a share in cash under the terms of the agreement, in a transaction valued at $325 million.

Offerings and stock actions

Genentech

(DNA)

said the record date for its previously announced 2-for-1 stock split will be Oct. 29, when shareholders will receive one additional share for each share held.

Miscellany

Pharmacia & Upjohn

(PNU)

said it was cleared by U.S. regulators to market Aromasin, a new treatment for advanced breast cancer in menopausal women.