CSCO - Why Shares of Acacia Communications Rocketed Higher Today
Shares of optical networking company Acacia Communications (NASDAQ: ACIA) soared on Thursday after the drama related to its acquisition by Cisco Systems (NASDAQ: CSCO) ended with an amended merger agreement at a substantially higher price. Shares of Acacia were up about 32.5% at 12:45 p.m. EST today, while shares of Cisco were essentially unchanged.
Acacia announced on Jan. 8 that it was terminating its merger agreement with Cisco due to not having received regulatory approval from China by the deadline. Cisco sued to block that move and force Acacia to close the deal, saying that China had in fact approved it.
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Why Shares of Acacia Communications Rocketed Higher Today