1/8, 2:45 PM (Source: TeleTrader)
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Acacia terminates $2.6B merger with Cisco

Technology company Acacia Communications Inc announced on Friday it decided to terminate its $2.6 billion worth merger agreement with Cisco Systems Inc.

According to the official statement, the proposed merger, announced in July 2019, was "conditioned on the satisfaction or waiver of customary closing conditions, including obtaining necessary regulatory approvals within the timeframe contemplated by the merger agreement."

However, the Chinese government’s State Administration for Market Regulation did not give its approval for the merger so Acacia decided to terminate the proposed transaction, effective immediately.

Cisco stated that it may dispute Acacia’s right to have terminated the merger but Acacia answered it plans to defend these claims.

Breaking the News / TF