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Blue Coat Finally Bags Packeteer

By James Rogers, June 6, 2008, 4:455 PM

Blue Coat has finally plucked Packeteer for acquisition after successfully completing its tender offer last night.

Stockholders of Packeteer have now tendered, exclusive of guaranteed delivery, a total of approximately 29,223,262 Packeteer shares,” said Blue Coat, in a statement earlier today. “Together with 3,559,117 shares already owned by Blue Coat, [this] represents approximately 88.2 percent of the outstanding common shares of Packeteer.”

Last night was the deadline for the second, and final, offering period for Packeteer shares, and means that the WAN optimization specialist is now a wholly owned subsidiary of Blue Coat.

Blue Coat announced the $268 million acquisition a couple of months ago, just a couple of weeks after Packeteer received an unsolicited acquisition proposal from Elliott Associates LP and Elliott International LP.

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