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Ciena won court approval Thursday to start bidding on Nortel Network’s optical and Ethernet division with an offer valued at more than $532 million. The optical networking business includes some of Nortel’s most sought-after businesses units, intellectual properties and employees.
Google said Monday that Arthur Levinson has resigned from the Internet search leader’s board, averting a potential showdown with government regulators over his overlapping job as a director for computer and gadget maker Apple. The FTC had been investigating whether Levinson’s double duty on the boards of both Google and Apple would lessen competition between the companies as they increasingly collide in the same markets.
Bank of America on Tuesday pledged not to hike credit card interest rates or fees before a new law intended to reform industry practices takes effect in February. Since most Bank of America customers have variable rate cards, however, they could still see their interest rates go up. The interest on variable-rate cards is tied to the rise and fall of the prime rate.
Ciena is offering cash and stock worth $521 million to acquire some of Nortel’s most-prized remaining business units as the fallen telecommunications company continues to liquidate. The deal announced Wednesday covers the Nortel Optical Networking and Carrier Ethernet businesses.
A voter advocacy organization asked the U.S. Justice Department Tuesday to undo the sale by Diebold of its voting machine business, saying the transaction promotes a monopoly. Voter Action, based in Washington, D.C., said in a letter to the department’s antitrust division that the transaction is a grab for market share.