Blue Coat owns majority of Packeteer, subsequent offering period ends Thursday

By Lisa Kerner

Charlotte, N.C., June 2 - Blue Coat Systems, Inc. announced it now owns 89.6% of the issued and outstanding stock of Packeteer, Inc.

Shareholders tendered, including by guaranteed delivery, 29,694,108 outstanding shares of Packeteer in Blue Coat's offer that ended on Friday, a Blue Coat news release stated.

A subsequent offering period for the remaining Packeteer shares began Monday and will end at 5 p.m. ET on Thursday.

Packeteer stockholders who did not previously tender their shares will receive the same $7.10-per-share cash consideration paid during the initial offering period.

Once the subsequent offering period is completed, Blue Coat's wholly owned subsidiary, Cooper Acquisition, Inc., will be merged with and into Packeteer, the release said.

It was previously reported that Blue Coat agreed to acquire Packeteer, a Cupertino, Calif., network technology company, for $7.10 per share in a deal valued at some $268 million.

Blue Coat provides hardware appliances and software for controlling and securing web-based communications in the secure internet gateway and wide area network (WAN) application delivery markets. The company is based in Sunnyvale, Calif.

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