3Com shareholders voted to accept a $2.2 billion acquisition offer from Bain Capital and Huawei. Too bad the offer was already off the table. Last week, 3Com said it would press ahead with the vote despite the fact that 3Com, Bain and Huawei had not been able to come up with a revised offer that could pass muster with the Committee for Foreign Investment in the U.S.
Bain reportedly had proposed potential alternatives to 3Com officials, but Bain and Huawei apparently backed out when none of those alternatives satisfied 3Com. Now, 3Com wants a $66 million break-up fee.
- After lots of rumors, the 3Com acquisition was first announced last fall