Proxy Firms Back McData Deal

Proxy firms recommended that Brocade stockholders vote 'FOR' the issuance of Brocade common stock

January 12, 2007

1 Min Read
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SAN JOSE, Calif. -- Brocade Communications Systems, Inc. (Nasdaq: BRCD - News) today announced that Institutional Shareholder Services ("ISS") and Glass, Lewis & Co. ("Glass Lewis"), two leading independent proxy advisory firms, both recommended that Brocade stockholders vote "FOR" the issuance of Brocade common stock in connection with Brocade's proposed acquisition of McDATA Corporation (Nasdaq: MCDTA/MCDT) at Brocade's January 25, 2007 special meeting of stockholders. Shareholders of record as of the close of business on November 30, 2006 will be entitled to vote at the special meeting.

ISS and Glass Lewis are widely recognized as the leading independent proxy advisory firms in the nation. Their recommendations are reviewed and considered by major institutional investment firms, mutual firms, and other fiduciaries throughout the country.

In making its recommendation, ISS stated in its January 10, 2007 report: "Based on our review of the transaction particularly the strategic rationale and the 42.8 percent increase in stock price since the announcement of the acquisition transaction, we believe that the share issuance warrants shareholder support."

Brocade Communications Systems Inc.

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