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Motorola takeover rumour propels Proxim stock

Shares just miss 52-week high

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Hints are emerging that Motorola is planning to buy wireless networking specialist Proxim -- hints that pushed Proxim's shares a whisper below their year's highest figure. Proxim's shares hit $52.25 during trading yesterday, just below their 52-week high price of $52.50. The stock closed at $50 15/16. It is believed the gain came from claims on a investor-oriented Web site JagNotes.com that Motorola is interested in buying Proxim and will pay up to $65 per share for it. Motorola's interest was well signalled earlier this month when it pumped $10 million into Proxim, and the agreement between the two companies allows Motorola to increase that figure. Whether that's a sign of an immediate purchase is another matter, however, and opinion on Wall Street suggests the JagNotes rumours are pure speculation. ®

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