Foundry Networks adjourns special meeting; shareholders to decide Brocade merger Wednesday

By Lisa Kerner

Charlotte, N.C., Oct. 24 - Foundry Networks, Inc. adjourned its Friday special meeting of stockholders until 1 p.m. ET on Wednesday due to recent developments related to the transaction, according to a schedule 14A filed with the Securities and Exchange Commission.

Shareholders will be asked to adopt the agreement and plan of merger between Foundry Networks and Brocade Communications Systems, Inc.

Brocade agreed to acquire Foundry for $19.25 per share in a cash and stock deal valued at $3 billion, it was previously reported.

Foundry shareholders will receive $18.50 per share in cash plus 0.0907 Brocade shares in exchange for each Foundry common share.

Brocade, a San Jose, Calif., network storage equipment company, expects the acquisition to close in the fourth quarter of 2008.

Foundry is a Santa Clara, Calif.-based provider of network switching and routing.

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