Berkeley CSUA MOTD:Entry 52252
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2024/12/25 [General] UID:1000 Activity:popular
12/25   

2008/12/15-28 [Finance/Investment] UID:52252 Activity:nil
12/14   Short-term pop possibility: FDRY is being bought by Brocade.
        Deal is priced at $16.50 (cash, not tied to BRCD's stock price).
        FDRY is currently trading at $15.70; shareholder vote is on
        Wednesday 12/17.  FDRY shareholders will gladly take the deal;
        the only risk is that financing for the deal falls through,
        but it looks solid to me.  Quick 5%.  -tom
        \_ Will look into it, but there's not much room for arbitrage
           at this point. When would the deal close?
           \_ Supposed to close by 12/31.  There will also be a special
              dividend to shareholders from sale of auctionable securities.
              http://biz.yahoo.com/prnews/081208/aqm044.html?.v=61
              ($50 million is about 30 cents/share).
              Looks like pretty easy money to me.  -tom
              \_ Update: Auction rate securities sold, proceeds 24.9 cents
                 per share to be paid as dividends on the sale.  -tom
        \_ this doesn't sound like tom. -tom #1 fan
           \_ Why not?  I am on record as holding FDRY.  -tom
              \_ I didn't think of you as someone who believed that
                 individual investors can effectively act as arbitrageurs.
                 \_ As a general rule, that's true, but I think this market
                    is pretty broken, which leaves some opportunities out
                    there.  If the deal fails, FDRY will tank, so you're taking
                    on some risk.  If the deal succeeds, the math is pretty
                    obvious.  -tom
                    P.S.: Just bought some at 15.50 in my play account.
                    \_ Update: Merger approved, deal expected to close
                       tomorrow, stock at 16.66.  Too late to get in now.
                       Brocade might be interesting as a long-term play,
                       if you think adding Foundry improves their business.
                         -tom
                       \_ Good trade. Congrats! That's almost 10% if you
                          include the dividend. You selling now?
                          \_ I'll just wait for the deal to close, they'll
                             be paying out cash.  -tom
2024/12/25 [General] UID:1000 Activity:popular
12/25   

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biz.yahoo.com/prnews/081208/aqm044.html?.v=61
News), announced today that it expects to pay its previously announced conditional special dividend to holders of record of shares of Foundry common stock immediately prior to the completion of the merger between Foundry and a wholly owned subsidiary of Brocade Communications Systems, Inc. Click Here As previously announced, Foundry stockholders will be entitled to receive the net proceeds of the sale of Foundry's portfolio of auction rate securities -- up to approximately $50 million in the aggregate -- calculated on a fully diluted basis based on the treasury stock method, if Foundry is successful in liquidating its portfolio of these securities prior to the completion of the merger. If the net proceeds from the liquidation process are less than $50 million in the aggregate, the amount of the special dividend will be reduced accordingly. Foundry has engaged Houlihan Lokey Howard & Zukin Capital, Inc. to assist it in connection with the sale of these securities. Foundry will convene a special meeting of its stockholders on December 17, 2008 to consider the proposed merger with Brocade. The parties anticipate that the merger will, subject to satisfaction of closing conditions, be completed in the period between the special meeting and the end of the calendar year. The special dividend is scheduled to be paid on the date on which the merger is completed. If the pending merger is not completed, Foundry will not pay the special dividend. Cautionary Statement This press release contains statements that are forward-looking in nature, including statements regarding the expected schedule for the completion of the proposed merger and the ability of Foundry to sell its auction rate securities. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties. The risks include, but are not limited to, the risk that the transaction under the amended terms and conditions may not close and whether a market for auction rate securities exists or will exist prior to the close of the acquisition and at what price such securities could or will be sold. Foundry does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. is a leading provider of high-performance enterprise and service provider switching, routing, security and Web traffic management solutions, including Layer 2/3 LAN switches, Layer 3 Backbone switches, Layer 4-7 application switches, wireless LAN and access points, metro routers and core routers. Foundry's customers include the world's premier ISPs, metro service providers, and enterprises, including e-commerce sites, universities, entertainment, health and wellness, government, financial and manufacturing companies. Additional Information In connection with the proposed transaction, Foundry has filed a revised proxy statement with the SEC. Investors and security holders are urged to read the revised proxy statement as it contains important information about the proposed transaction. Foundry and its directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of Foundry in connection with the proposed transaction. Information regarding the interests of these directors and executive officers in the proposed transaction has been included in the proxy statement described above. Additional information regarding the directors and executive officers of Foundry is also included in Foundry's proxy statement for its 2008 Annual Meeting of Stockholders, which was filed with the SEC on April 18, 2008. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.