Brocade to Pay 13% Less for Foundry

$2.6 billion rather than $3 billion, but Foundry once more delays its special stockholder meeting.

This is a Press Release edited by StorageNewsletter.com on October 30, 2008 at 3:37 pm

Brocade and Foundry Networks have reached an agreement in principle to amend the Agreement and Plan of Merger previously announced on July 21, 2008 between the two companies relating to Brocade’s proposed acquisition of Foundry. Under the agreement in principle, Foundry’s shareholders would be entitled to receive $16.50 of cash for each share of Foundry common stock. The revised transaction would have an aggregate purchase price of approximately $2.6 billion.

In addition, to permit Foundry and Brocade the opportunity to finalize the documentation, Foundry today announced today that its special meeting of shareholders is further adjourned until Friday, November 7, 2008 at 4:00 p.m. PST.

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