13. [Spinoff] In February 2001 Lucent [LU] set up Agere Sys- tems [AGR] as a separate company. On April 2, 2001, the fol- lowing took place: Agere sold 600 million shares in an initial public offering at a net price of $5.77 per share. Lucent sold 90 million shares of Agere at a net price of $5.77 per share. Agere assumed $2.5 billion of Lucent debt. Lucent announced plans to distribute its remaining shares of Agere to Lucent stockholders prior to the end of 2001.