Enterasys Networks’ (NYSE:ETS) shareholders have approved the previously-announced merger agreement pursuant to which The Gores Group and Tennenbaum Capital Partners will acquire Enterasys for approximately $386 million.
Under the terms of the merger, each outstanding share of Enterasys common stock will be converted into the right to receive $13.92 in cash, representing a premium of 32% over the closing price on the New York Stock Exchange on November 11, 2005, the last trading day before the transaction was originally announced. The closing is set to occur on March 1, 2006.
Enterasys develops and sells connectivity and security solutions for enterprise customers. The Enterasys product portfolio includes multilayer switches, core routers, WAN routers, wireless LANs, network management, and intrusion defense systems. Following the closing of the transaction, the company’s current senior management team will continue to lead Enterasys and its corporate headquarters will remain in Andover, Massachusetts.
http://www.gores.comhttp://www.entrasys.com
