Acquisition By Brocade Communications Systems
On July 21, 2008, Foundry management agreed to allow the company to be acquired by storage networking company Brocade Communications Systems for approximately $3 billion in cash and stock. On November 7, they agreed to a reduced purchase price of roughly $2.6bn in an all-cash transaction when Brocade was unable to come up with a $400M tranche of financing required to complete the original deal. A meeting was scheduled for December 17, 2008, where shareholders approved the amended agreement.
The acquisition was completed on December 18, 2008.
Qatalyst Partners advised Brocade on financial matters, and Cooley Godward Kronish LLP was Brocade's legal adviser.
Read more about this topic: Foundry Networks
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