WATERLOO, Ont. – Sandvine Corp. (TSX:SVC) has switched allegiance to a new takeover offer worth $562 million, about 16.5 per cent more than its original suitor was going to pay before a rival came forward late last month.
Francisco Partners is offering $4.40 per share cash for Sandvine and intends to combine the Waterloo, Ont.-based company with Procera Networks, Inc. of Fremont, Calif.
Both Sandvine and Procera provide technology used by communications networks to manage costs and subscribers.
A special meeting of Sandvine shareholders that was scheduled for Tuesday has been postponed to an undetermined date.
The bidding for Sandvine began in May when it accepted a friendly offer of $3.80 per share from an affiliate of Vector Capital.
Vector matched its rival’s original bid of $4.15 per share, announced June 27, but didn’t move again after Franciso hiked its offer to $4.40 on July 7.