Bloomberg Report: Blackstone No Longer Interested In Brocade After Price Rise
Bloomberg is reporting that Blackstone (NYSE: BX) is no longer interested in a leveraged buyout of Brocade Communications (NASDAQ: BRCD). According to the report, talks to buy Brocade ended because the price was too high for a leveraged buyout.
As of market close on Friday, BRCD has a market cap of $2.58 billion and the stock has surged more than 50% in the last 6 months. Bloomberg is reporting that Blackstone and Francisco Partners had been discussing a potential takeover of the company after other private-equity firms lost interest.
Near the close of trading on Friday, BRCD shares fell on heavy volume due to this report and finished the day with a loss of 2.24% to $5.68.
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