Acacia Communications Terminates Merger Agreement With Cisco Systems
08 Janvier 2021 - 2:52PM
Dow Jones News
By Chris Wack
Acacia Communications Inc. said Friday it has elected to
terminate its merger agreement with Cisco Systems Inc., effective
immediately.
Acacia said the merger didn't receive approval from the Chinese
government's State Administration for Market Regulation within the
time frame contemplated by the merger agreement, so it didn't have
an obligation to close the merger before the arrival of the Jan. 8
extended end date. Acacia said it exercised its right to terminate
the proposed transaction in accordance with the terms of the merger
agreement.
Cisco has informed it that it may dispute Acacia's right to have
terminated the merger agreement. Acacia said it intends to defend
any such claims.
Shares of Acacia Communications were halted in premarket
trading.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 08, 2021 08:37 ET (13:37 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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