Foundry Postpones Vote on Brocade Deal; Stock Plunges

Foundry Networks (FDRY) shares have dropped sharply after the company announced that it has postponed the special holders meeting that had been schedule for today to vote on its proposed acquisition by Brocade (BRCD) until Wednesday, Oct. 29, at 4 p.m. Pacific time.

The company did not explain why the meeting has been pushed back, but investors obvious smell a problem with the deal. Brocade has agreed to acquire Foundry for $19.25 a share in cash.

Late yesterday, Foundry posted Q3 revenue of $165.9 million, up from $159.5 million a year ago and $160.7 million in Q2. GAAP profits were 12 cents a share, versus 18 cents a year ago and 12 cents in Q2. Excluding special items, the company earned 19 cents a share in the quarter.

Read the rest of this post


Must-Reads from other Websites

Panos Mourdoukoutas

Why Apple Should Buy China’s Xiaomi

Paul Graham

What I Didn’t Say

Benjamin Bratton

We Need to Talk About TED

Mat Honan

I, Glasshole: My Year With Google Glass

Chris Ware

All Together Now

Corey S. Powell and Laurie Gwen Shapiro

The Sculpture on the Moon

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Read more »