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Waterloo-based Sandvine accepts $562M takeover bid

Last Updated Jul 17, 2017 at 3:01 pm EDT

Via Sandvine's Twitter

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.