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Article: United States : Nortel Said to Take More Time to Sell Optical Unit.
- Article from:
- TendersInfo
- Article date:
- November 11, 2009
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Byline: Mamta03
Nortel Networks Corp., the insolvent Canadian phone-equipment maker, is giving potential acquirers more time to make an offer for its optical-networking business, said two people familiar with the matter.
Bids were due yesterday, and Nortel extended that deadline, said one of the people, who declined to be identified because the auction isn t public. The company can postpone the deadline by as many as five business days, the person said, declining to elaborate.
Nortel is seeking higher offers after Ciena Corp. agreed to buy the unit last month in a stalking-horse bid, where one party makes a lead offer others can try to top. ...