Foundry Networks shareholders to decide merger with Brocade Communications on Oct. 24

By Lisa Kerner

Charlotte, N.C., Sept. 23 - Foundry Networks, Inc. will hold a special meeting of stockholders at 1 p.m. ET on Oct. 24.

Stockholders will be asked to vote on the July 21 agreement and plan of merger among Foundry, Brocade Communications Systems, Inc. and Brocade subsidiary Falcon Acquisition Sub, Inc.

Record date for the meeting is Sept. 18, according to a form S-4/A filed with the Securities and Exchange Commission.

Brocade agreed to acquire Foundry for $19.25 per share in a cash and stock deal valued at $3 billion.

Under the companies' merger agreement, Brocade will pay $18.50 per share in cash plus 0.0907 Brocade shares in exchange for each Foundry common share, a Brocade news release said.

The Hart-Scott-Rodino waiting period in the proposed merger has ended, it was previously reported.

Brocade, a San Jose, Calif., network storage equipment company, expects the acquisition to close in the fourth quarter of 2008.

Foundry is a Santa Clara, Calif.-based provider of network switching and routing.

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