Subject: [NEXTEL-1] Motorola Announces Plans to Buy Balance of Next Level Communications Stock

From: Marcel <[email-masked]>
Date: Tue, 14 Jan 2003 14:14:50 -0500

Motorola Announces Plans to Buy Balance of Next Level Communications Stock

Motorola Inc. said on Monday that it intends to make a tender offer for all of the
outstanding publicly held shares of Next Level Communications, Inc. that is does
not already own. Motorola currently owns 74 percent of the outstanding common
stock of Next Level and intends to offer to acquire the balance of Next Level's
common stock at $1.04 per share in cash, representing a 14.4 percent premium
over the closing price on January 10, 2003 and a 28.6 percent premium over the
average closing price for the last 90 trading days. The aggregate consideration
for the outstanding Next Level shares (including shares outstanding following
exercise of in-the-money options) would be approximately $30 million.
Commenting on the Motorola plan, Next Level Chairman and CEO J. Michael
Norris said, "Next Level has not been for sale. Motorola has not discussed its
unsolicited tender offer with management and the independent directors and, as i
ndicated in Motorola's press release, is not asking the board to approve the offer.
Management and the board intend to fulfill their fiduciary duties to the
stockholders and will have further comment on the Motorola unsolicited offer
when appropriate."

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