Content with waiting to get the best offer for its Metro Ethernet Network (MEN) division, Nortel has decided to extend the deadline of the auction for that segment of the company.
This latest development, while not entirely surprising, comes after not only receiving a $514.2 million stalking-horse bid from Ciena to buy the division but rumors emerged that Nokia Siemens Networks (NSN) and other unnamed companies could be interested in the deal.
Although the auction was set to take place today, Nortel has not announced the new auction date, nor would it comment on the delay. Today, Nortel issued a statement that said qualified bidders are now required to submit offers by November 17, 2009 and that it will provide a further update on the auction process and sale of these businesses next week.
- Wall Street Journal via Dow Jones has this article
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