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3Com Sues Bain Capital For $66 Million Failed Takeover
3Com Corp. (COMS) is suing Bain Capital Partners LLC over a $66 million termination fee that resulted when the private equity firm and Huawei Technologies Co. backed away from an attempted takeover.
In September 2007, China’s No. 1 network-equipment maker and Bain Capital launched a $2.2 billion takeover bid for 3Com. The deal stipulated that Huawei would receive a 16% stake in 3Com, leaving the rest to Bain. However, complications arose when the U.S. government expressed reservation about the deal and the possible breach of national security.
The fact that Shenzhen-based Huawei was founded by Ren Zhengfei, a former officer in…
4Aug2008 | Money Morning | Comments Off | Continued
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