Starent Networks, Corp. (NASDAQ: STAR), multimedia hardware/software player, is being acquired by Cisco Systems (NASDAQ: CSCO) for some $2.9 billion versus a $2.08 billion market cap based on Monday’s $29.03 closing price. The deal is an all-cash buyout and the buyout price is $35.00 per share in a deal which companies have approved and which is expected to close in the first half of 2010. Trading has been halted all morning and the stock was freed up to trade at 9:45 AM EST. At 9:54 AM EST we have over 6.2 million shares traded and the stock is up 18% at $34.30. Starent trades 1.6 million shares on average and its 52-week trading range is $7.30 to $30.00. The $35 buyout price is an all-time high that has never been seen since its 2007 IPO.
JON C. OGG