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SAN JOSE, Calif. - Brocade Communication Systems Inc. and Foundry Networks Inc. said late Wednesday that they have agreed on a lower, $2.6 billion price for a proposed acquisition.
In July, Brocade offered $3 billion for Foundry in the hopes that the combined company will challenge Cisco Systems Inc.'s dominance in the Internet networking equipment market.
Under the new agreement, Foundry's shareholders would receive $16.50 for each share of Foundry common stock.
Foundry said a special shareholders meeting is adjourned until Friday Nov. 7. This is the second time the company has delayed the meeting in relation to the deal.
Shares of San Jose-based Brocade rose 44 cents, or 14 percent, to close at $3.53 Wednesday. Shares of Santa Clara-based Foundry ended off 78 cents, or 5.7 percent, to close at $13.
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