9:52AM Redback falls on heavy volume on stock exchange offer (RBAK) by Tomi Kilgore
NEW YORK (CBS.MW) -- Shares of Redback Networks (RBAK) slumped 11 cents, or 18 percent, to 49 cents on Nasdaq leading volume of 14.6 million shares after the broadband company said late Thursday that it had launched an offer to exchange shares of stock for all of its outstanding 5 percent convertible debt due 2007. Under terms of the agreement, holders of the debt will receive 101.6 shares of Redback for each $1,000 of principal amount of notes.
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