Analysts Are Wondering About Timing Of ONI-Ciena.(INTERNET & TECHNOLOGY)

Byline: MIKE ANGELL

Ciena Corp.'s Feb. 18 announcement that it would buy ONI Systems Corp. in a $900 million stock swap made a lot of sense to observers.

Both companies make fiber-optic gear and, alone, were taking a beating during the big slowdown in that field. They make mostly complementary products.

But one small part of the deal gave -- and still gives -- analysts pause. The firms said the deal would close sometime from April to September.

In a nutshell, analysts say, ONI -- which had one a highflying initial public offering in the still-boom time of mid-2000 -- might have required the big window in case someone else out there was …