M&A

21 November, 2009

Ciena takes Nortel unit auction to 2nd day -sources

NEW YORK, Nov 21 (Reuters) - The auction for Nortel Network's optical networking and carrier ethernet business went into a second day on Saturday, after Ciena (CIEN.O) called for a break in the auction late on Friday, two sources said.

Last month Nortel Networks Corp, the bankrupt Canadian telecommunications equipment maker, said that Ciena's cash-and-stock bid, worth some $526 million, would be the stalking horse offer for these assets. [ID:nN07462090]

Earlier this week another source familiar with the sale told Reuters that Nokia Siemens Networks and private equity firm One Equity Partners had also bid for the assets. [ID:nN18125510] (Reporting by Anupreeta Das; Editing by Jon Boyle)

Source: http://www.reuters.com