Under the terms of the agreement, shareholders will receive $5.30 in cash for each share of 3Com common stock they hold. This represents a premium of approximately 44 percent over 3Com's closing price of $3.68 on September 27.
The board of directors of 3Com has unanimously approved the merger agreement and has resolved to recommend that 3Com's shareholders adopt it.
"The 3Com board of directors and senior management team have thoroughly reviewed our strategic alternatives and have determined that the agreement with Bain Capital provides the best value for 3Com shareholders," said Edgar Masri, 3Com president and chief executive officer. "We believe that this agreement better positions 3Com to establish itself as a global networking leader, which will benefit our employees, our customers, and our partners."
"As business becomes ever more global, companies need to enhance their technology infrastructure to compete more effectively in the broader economy," said Jonathan Zhu, a Bain Capital managing director, based in Hong Kong. "3Com has a strong competitive position, and we believe there are significant opportunities to grow by acquiring customers and introducing new products. We look forward to working with the management team and the company's strategic partners to seize the worldwide growth opportunity that exists for 3Com's communications networking solutions."
As part of the transaction, affiliates of Huawei Technologies will acquire a minority interest in the company and become a commercial and strategic partner of 3Com.
The transaction is expected to be completed by the first quarter of calendar year 2008, subject to receipt of 3Com shareholder approval, customary regulatory approvals, and other customary closing conditions.
Business users want new applications now. Market and regulatory pressures require faster application updates and delivery into production. Your IBM i developers may be approaching retirement, and you see no sure way to fill their positions with experienced developers. In addition, you may be caught between maintaining your existing applications and the uncertainty of moving to something new.
IT managers hoping to find new IBM i talent are discovering that the pool of experienced RPG programmers and operators or administrators with intimate knowledge of the operating system and the applications that run on it is small. This begs the question: How will you manage the platform that supports such a big part of your business? This guide offers strategies and software suggestions to help you plan IT staffing and resources and smooth the transition after your AS/400 talent retires. Read on to learn:
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