Huawei, Bain to resubmit bid for 3Com
Within the next several weeks, Bain Capital and China’s Huawei plan to reapply for US approval for a planned buyout of 3Com, The Wall Street Journal reported.
The $2.2 billion transaction would still leave Huawei with 16.5% of the company and Bain holding the rest, said the Journal citing people familiar with the matter.
Bain Capital was not immediately available for comment.
3Com, a maker of network gear, said it plans to immediately adjourn its annual shareholders meeting without taking a vote on a proposed takeover.
It said it would continue discussions with Bain and reconvene the meeting a week later on March 7.
Private equity firm Bain and Huawei, China’s top telecom equipment maker, withdrew their bid for 3Com earlier this month after failing to win approval from the Committee on Foreign Investment in the US, which reviews corporate deals with foreign buyers.
Tags: 3Com, Huawei