Acacia Asks Court To OK Its Termination Of $2.6B Cisco Deal
Law360 (January 11, 2021, 10:31 PM EST) -- Acacia Communications Inc. said Monday it has filed a counterclaim in Delaware Chancery Court, seeking a declaration that its termination of a $2.6 billion sale to technology giant Cisco Systems Inc. was valid.
The counterclaim was filed under seal, but the company said in a release that Chinese regulatory approval was not obtained before the agreed-upon termination date under the agreement.
"The merger agreement afforded the parties 18 months to obtain the necessary antitrust approvals from the Chinese government before, as Acacia asserts, either Acacia or Cisco could terminate the agreement on January 8, 2021," Acacia said Monday. "Such approval was...
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