It’s September 4: three days before Labor Day, four days before the kids have to go back to school, and, oh yeah, it’s the last day to submit a bid for Nortel’s enterprise business.
MatlinPatterson? Was the purchase of a 65% stake in Skype by private equity investors (including a $300 million investment by the Canada Pension Plan) mean the M&A market is heating up again, or was that an aberration?
Come on, folks. All we’ve got so far is a $475-million bid from Avaya. You do better than that? We’re talking about a $2.8-billion business in 2008. Sure, sales are crumbling as customers flee amid Nortel’s bankruptcy protection process but there’s still some good stuff here.
Update: Anyone expecting to learn about bidders today other than Avaya will be disappointed. On Twitter, Nortel said: “Don’t expect a Nortel PR today announcing other Ent bidders, not required. Remember it was the bidders that did that with the CDMA/LTE sale.”
Ontario Govt Hopes Nortel Unit Bidders Keep Ops In Canada
Whether Avaya would leave Nortel's enterprise business intact in Ontario or ship jobs to New Jersey isn't clear, and a spokeswoman declined to comment.
However, a source familiar with the bidding process said Siemens Enterprise Communications Group, a joint venture between Siemens AG (SI) and Gores Group, is making a bid for Nortel's enterprise unit, and “if the bid is successful, Nortel will remain a Canadian company that will have its headquarters, intellectual property, and research and development in Canada, as long as the bid gets appropriate support from the government.”
A spokesman for Siemens Enterprise declined to comment.
Are you kidding me. The ontario government. The same bunch who are screwing ontario nortel pensioners out of everything they have. The same bunch who could only lament on how much of a tragedy Nortel became but offered absolutely nothing to prop it up, and secure employment unlike their union brethern at the auto shops. Give me a break. Just more posturing here. The ontario gov't has no interest in high technology or telecommunications. The priorities of the ontario government include but are not limited to the following—>>> >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Appease quebec and let their construction workers over the border. Embrace bilingualism and multiculturalism. Visible minority hiring quotas. Ensure more immigrants than Ontario needs are brought in every year at overwhelming numbers in order to hand out refugee payments, welfare payments and free health care. Outsource manufacturing out of the province and country for that matter but offer no real valid training, subsidies or programs for outplaced workers since the real monies have been targeted for all the fodder above. That is what your ontario government will bring you and don't forget it. If you think they are going to change their tune now that mike has departed and the BOD has been whittled down to three incompetents rather than the nine or twelve who were there previously think again. Stay Tuned. Let's see how far the “ontario government”goes. Don't hold your breath waiting. You've been warned.
Nortel Enterprise, Anyone?
It’s September 4: three days before Labor Day, four days before the kids have to go back to school, and, oh yeah, it’s the last day to submit a bid for Nortel’s enterprise business.
So, who wants in on the action?
Siemens Gore? Word is you’ve got a bid burning a hole in your pocket. Let’s see what you got?
Cisco? Any interest?
MatlinPatterson? Was the purchase of a 65% stake in Skype by private equity investors (including a $300 million investment by the Canada Pension Plan) mean the M&A market is heating up again, or was that an aberration?
Come on, folks. All we’ve got so far is a $475-million bid from Avaya. You do better than that? We’re talking about a $2.8-billion business in 2008. Sure, sales are crumbling as customers flee amid Nortel’s bankruptcy protection process but there’s still some good stuff here.
Anyone, anyone?
For more, check out the Financial Post. As well, the Ottawa Citizen has a story looking at the process.
Update: Anyone expecting to learn about bidders today other than Avaya will be disappointed. On Twitter, Nortel said: “Don’t expect a Nortel PR today announcing other Ent bidders, not required. Remember it was the bidders that did that with the CDMA/LTE sale.”