
Please try another search
(Reuters) - Cisco Systems Inc (NASDAQ:CSCO) on Friday sought a court order asking Acacia Communications (NASDAQ:ACIA) Inc to close the $2.84 billion deal, just over an hour after the optical component maker terminated the merger agreement.
The swift response came after Acacia said the deal failed to obtain regulatory approval from China within the originally agreed time frame.
Cisco said it received the approval on Thursday and sought confirmation from the Delaware Court of Chancery that it has met all conditions for closing the deal.
The network gear maker had agreed to buy Acacia in cash in 2019, aiming to garner a bigger chunk of 5G spending by telecom companies.
The merger, initially expected to close in the second half of Cisco's fiscal 2020, was cleared by the United States, Germany and Austria, but had been under regulatory review by China, the only remaining closing condition of the deal.
Shares of Cisco rose nearly 1% early trading, while Acacia jumped about 9%.
By Yasin Ebrahim Investing.com – The S&P 500 hit a fresh record high Friday, as technology stocks moved off session lows and financials gained amid better-than-expected earnings...
By Christiana Sciaudone Investing.com -- Boeing (NYSE:BA) dropped 1.5% after Reuters reported more problems have been found with the 737 MAX. Inspections are showing more...
By Dhirendra Tripathi Investing.com – Coinbase (NASDAQ:COIN) shares rose 4% in Friday’s trading as the crypto exchange continues to dazzle stakeholders two days after its Nasdaq...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.