MDS’ parent reverses decision to buy Proxim’s assets

Microwave Data Systems (MDS) reports that its parent company, Moseley Associates Inc., has decided not to make the highest bid for Proxim’s assets in the U.S. Bankruptcy Court-approved auction held on July 18.

08/04/2005


Microwave Data Systems (MDS) reports that its parent company, Moseley Associates Inc. , has decided not to make the highest bid for Proxim’s assets in the U.S. Bankruptcy Court-approved auction held on July 18. Consequently, Moseley says it won’t buy the parts of Proxim that it announced June 11 it would acquire.

“Moseley's success in the past has stemmed from a strong financial discipline, and we saw no need to change that approach in this opportunity," says Jamal Hamdani, Moseley’s president and CEO. "We wish the successful bidder the best for the future and hope they will look after the employees, customers, and partners of Proxim with the same compassion we were prepared to do."

—Jim Montague, news editor, Control Engineering, jmontague@reedbusiness.com





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