Blue Coat's acquisition of Packeteer clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., May 19 - The Hart-Scott-Rodino waiting period has expired in the proposed merger of Packeteer, Inc. and Blue Coat Systems, Inc., it was announced on Monday.

The offer and withdrawal rights in Blue Coat's tender offer for Packeteer shares expire at 5 p.m. ET on May 30, according to a Blue Coat news release.

It was previously reported that Blue Coat agreed to acquire Packeteer for $7.10 per share in a deal valued at some $268 million and expected to close in the second quarter of 2008.

Blue Coat will acquire Packeteer through the tender offer followed by a merger of Packeteer with a Blue Coat subsidiary.

Funding for the transaction will come from available cash and an $80 million convertible notes financing, Blue Coat said.

Elliott Associates, LP terminated its $5.50-per-share offer for Packeteer after only 332,379 Packeteer shares were tendered, a prior news release stated.

Packeteer's board of directors had rejected Elliott's $190 million deal and recommended its shareholders not tender their shares, Packeteer said.

Blue Coat provides hardware appliances and software for controlling and securing web-based communications in the secure internet gateway and wide area network (WAN) application delivery markets. The company is based in Sunnyvale, Calif.

Packeteer is a networking technology company located in Cupertino, Calif.

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