Brocade is diverting its SAN-generated cash to become a viable software networking player.
Broadcom announced its intention to acquire Brocade Communication Systems in an all-cash transaction for $12.75 per share, or $5.9 billion. The $12.75 share offer is a 13% premium to Brocade’s last closing price of $11.24 per share and a 16% premium to our previous fair value estimate of $11 per share. However, this represents a hefty 42% premium to an average closing price of $8.95 in October. We believe that the deal will pass Brocade’s shareholder approval as well as any regulatory scrutiny. ...
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