Nortel Update: Auction for Optical Networking and Carrier Ethernet Businesses Set for Friday

Nortel (News - Alert) Networks Corp. on Wednesday said that it will proceed to an auction of its global Optical Networking and Carrier Ethernet businesses on Nov. 20, 2009. 

 

The announcement comes on the heels of one issued late last week, when the Toronto-based networking giant said it had decided to push back the auction of its Optical Networking and Carrier Ethernet businesses to Nov. 17. The auction was originally scheduled for Nov. 13, and the delay was intended to give qualified bidders a few more days to submit offers.

 

Earlier this month, stalking horse bidder Ciena announced that it had received regulatory clearances regarding its proposed acquisition of substantially all of Nortel’s optical networking and carrier Ethernet assets. In the United States, Ciena reported that it was granted early termination of the antitrust waiting period under the Hart-Scott-Rodino Act.

 

In addition, Ciena also has received from the Canadian Competition Bureau a “no action letter,” terminating the applicable waiting period for the proposed transaction under the Competition Act.

 

In October, TMCnet reported that the United States and Canadian courts had approved the $521 stalking horse bid by Ciena for Nortel’s business assets, and at that time set the bid deadline of Nov. 9 and an auction date of Nov. 13.