3Com Will Seek Breakup Fee From Bain

3/21 - "Rebuffed in its attempt to merge with Bain Capital Partners, 3Com (NSDQ: COMS) said it will "pursue" the private equity firm to collect a $66 million break up fee as the networking company prepared to convene a stockholders meeting Friday."

"3Com, pointing out that it needs shareholder approval of the original merger agreement to seek the termination fee, said it would go ahead with the meeting at its Massachusetts headquarters.

3Com said it believes Bain's reasons for terminating the merger agreement are not valid. "3Com acknowledges that Bain Capital did submit non-binding confidential proposals to the 3Com board of Directors, however the Board determined that such proposals were not in the best interest of shareholders," the company said."