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
Famous quotes containing the words acquisition and/or systems:
“Always and everywhere children take an active role in the construction and acquisition of learning and understanding. To learn is a satisfying experience, but also, as the psychologist Nelson Goodman tells us, to understand is to experience desire, drama, and conquest.”
—Carolyn Edwards (20th century)
“People stress the violence. That’s the smallest part of it. Football is brutal only from a distance. In the middle of it there’s a calm, a tranquility. The players accept pain. There’s a sense of order even at the end of a running play with bodies stewn everywhere. When the systems interlock, there’s a satisfaction to the game that can’t be duplicated. There’s a harmony.”
—Don Delillo (b. 1926)