Argus Downgrades Brocade (BRCD) to Hold
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Baird Upgrades Brocade (BRCD) to Neutral Following Takeover Deal
November 2, 2016 11:50 AM EDTBaird upgraded Brocade (NASDAQ: BRCD) from Underperform to Neutral with a price target of $13.00 (from $9.00) after the company agreed to be acquired by by Broadcom for $12.75/share.
"We do not expect a strategic bidder to attempt to counter the Broadcom offer," analyst... More
Broadcom Ltd. (AVGO) to Acquire Brocade (BRCD) in ~$5.9B Deal
November 2, 2016 7:06 AM EDTBroadcom Limited (Nasdaq: AVGO) and Brocade Communications Systems, Inc. (Nasdaq: BRCD) announced that they have entered into a definitive agreement under which Broadcom will acquire Brocade, a leader in Fibre Channel storage area network (FC SAN) switching and IP networking, for $12.75 per share in an all-cash transaction valued at approximately $5.5 billion, plus $0.4 billion of net debt. Broadcom expects to fund the transaction with new debt financing and cash available on its balance sheet. Broadcom, with the support of Brocade, plans to divest Brocades IP Networking business, consisting of wireless... More
