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Foundry Networks stock closed down over 25% Friday after the company said it is postponing a shareholder vote on its merger with Brocade.
Brocade announced intentions to acquire Foundry for over $19 a share, or $3 billion. On Friday, the day the vote was scheduled, Foundry’s stock was down to $12.67, a drop of over $4.
Shareholders will now vote on the merger Wednesday, Oct. 29. Foundry said the postponement was due to “recent developments related to the (Brocade) transaction.”
Foundry this week reported a 35% drop in third quarter profits on sales 4% better than last year. Foundry attributed the decline in earnings to costs associated with the Brocade merger.
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