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Sycamore Networks, Inc. Message Board

  • vernnimble vernnimble Feb 8, 2013 8:53 AM Flag

    Before Buying the Divi News - Think About It...

     

    The company states they have sold all of their assets. Is this then the return of sales of their assets to shareholders? If so, this is a cash out not a buying opportunity of the stock, yes?

    Completion of Acquisition or Disposition of Assets, Financial Statements an

    Item 2.01: Completion of Acquisition or Disposition of Assets
    Sycamore Networks, Inc. ("Sycamore" or the "Company") is filing this Current Report on Form 8-K to provide certain unaudited pro forma consolidated financial information of the Company giving effect to the previously reported completion of the sale of substantially all of the assets of Sycamore primarily related to Sycamore's Intelligent Bandwidth Management business, including inventory, fixed assets, intellectual property rights (other than patents and patent applications), contracts, certain real estate leases, Sycamore's subsidiaries in Shanghai (subject to the receipt of government approval), the Netherlands and Japan, and certain shared facilities and assets (together, the "Intelligent Bandwidth Management Business"), to a portfolio company of Marlin Equity Partners ("Buyer") on January 31, 2013, pursuant to the previously disclosed Asset Purchase and Sale Agreement (the "Asset Sale Agreement") dated October 23, 2012 by and between Sycamore and Buyer, for a total purchase price of $18.75 million in cash (subject to a working capital adjustment as provided in the Asset Sale Agreement) and the assumption by Buyer of certain related liabilities (the "Asset Sale"). A copy of the Asset Sale Agreement was filed as Exhibit 2.1 to Sycamore's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "Commission") on October 23, 2012 and is incorporated herein by reference. The Asset Sale was also further described in Sycamore's Definitive Proxy Statement on Schedule 14A filed with the Commission on December 28, 2012 and in the Company's Current Report on Form 8-K filed with the Commission on February 1, 2013.

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