3Com, along with affiliates of Bain Capital Partners and Huawei Technologies, have withdrawn their joint filing to the Committee on Foreign Investment in the United States (CFIUS) concerning the parties' proposed merger transaction.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 said 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 Corporation. "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."http://www.3com.com
- In September 2007, 3Com announced a deal under which the company would be acquired by affiliates of Bain Capital Partners for approximately $2.2 billion in cash. The parties voluntarily submitted the proposed transaction, which included a minority ownership stake by Huawei Technologies, to CFIUS review.
