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Article: United States: Nokia Siemens Weighing Bid On Nortel s Optical Ops.
- Article from:
- TendersInfo
- Article date:
- November 5, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Mamta03
Nokia Siemens Networks is considering making a bid for Nortel Networks Corp.'s (NRTLQ) optical-network unit, according to a person familiar with the bankruptcy proceedings.
Nokia Siemens, however, is just one of several companies eyeing the business, according to the source. Last month, Ciena Corp. (CIEN) planted its flag with a $510 million "stalking horse bid" for the assets, which put another one of bankrupt Nortel's businesses in play.
Under the stalking horse deal--common with companies under bankruptcy protection--Ciena was choisen out of a blind pool of bidders to set a benchmark offer for the business. Nortel's Metro ...