Siemens to Buy Modem Maker For $1.5 Billion

Siemens said it will pay $1.5 billion in cash to buy Dallas-based Efficient Networks Inc., the largest maker of modems for high-speed Internet connections. The German engineering and electronics group said it will offer Efficient shareholders $23.50 a share, a 90% premium to the Nasdaq-listed company’s Wednesday closing price of $12.38 but well below levels reached in March last year, when the shares topped $186. Efficient shares climbed $10.69, or 86%, on the news to close at $23.06 on Nasdaq.