Cisco Seeks Court Order Enforcing Acacia Deal
January 08 2021 - 09:13AM
Dow Jones News
By Colin Kellaher
Cisco Systems Corp. on Friday said it is asking a court to order
Acacia Communications Inc. to proceed with its $2.6 billion
acquisition by Cisco after Acacia said it was terminating the
deal.
Networking giant Cisco said it is seeking confirmation from the
Delaware Court of Chancery that it has met all conditions for
closing the acquisition, including approval of China's State
Administration for Market Regulation.
Acacia earlier Friday said it was terminating the deal, claiming
that Cisco hadn't received timely approval from the Chinese
regulator.
Cisco, however, said it was notified Thursday that the agency
had determined that its submission is "sufficient to address the
relevant competition concerns."
San Jose-based Cisco last year agreed to pay $70 a share for
Acacia a Maynard, Mass.-based maker of optical interconnect
technologies.
Shares of Acacia rose 9.3% to $79.30 in early trading Friday,
while Cisco shares edged up less than 1%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 08, 2021 09:58 ET (14:58 GMT)
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