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Network software maker

New Era of Networks

(NEON)

was up 9% in preopen

Island

trading after announcing it would be acquired by

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TheStreet Recommends

Sybase

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for $373 million in stock.

The deal values New Era at $9.50 per share, a 37% premium over Tuesday's closing price.

Sybase said the deal extends its e-commerce software offerings beyond database applications.

Sybase was down 12.2% in preopen trade.