3Com Corp. today announced that the company along with affiliates of Bain Capital Partners, LLC and Huawei Technolo...
February 20, 2008
3Com Corp. today announced that the company along with affiliates of Bain Capital Partners, LLC and Huawei Technologies have withdrawn their joint filing to the Committee on Foreign Investment in the United States (CFIUS) concerning the parties’ proposed merger transaction.
The parties say they remain committed to continuing discussions.
“We are very disappointed that we were unable to reach a mitigation agreement with CFIUS for this transaction,” said Edgar Masri, president and CEO of 3Com.
“While we work closely with Bain Capital Partners and Huawei to construct alternatives that would address CFIUS’ concerns, we will continue to execute our strategy to build a global networking leader. We remain focused on serving our growing base of worldwide customers and providing them with innovative solutions that deliver long-term investment for their network infrastructure and offer them a lower total cost of ownership.”
On Sept. 28, 2007, 3Com’s board of directors unanimously approved a definitive merger agreement under which the company would be acquired by affiliates of Bain Capital Partners, LLC for approximately US$2.2 billion in cash.
The parties voluntarily submitted the proposed transaction, which included a minority ownership stake by Huawei Technologies, to CFIUS for review.