Bain, Huawei to Resubmit $2.2B Bid For 3Com: Report
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Within the next several weeks, Bain Capital and China's Huawei plan to reapply for U.S. approval for a planned buyout of 3Com, The Wall Street Journal reported on Friday.
The $2.2 billion transaction would still leave Huawei with 16.5 percent of the company and Bain holding the rest, said the Journal citing people familiar with the matter.
[cob:Related_Articles]Bain Capital was not immediately available for comment.
3Com, a maker of network gear, said on Thursday it plans to immediately adjourn Friday's 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 United States, which reviews corporate deals with foreign buyers.