Nortel Assets Bid by Nokia Siemens was not High Enough

Apparently the word is that Nokia Seimens Networks didn’t submit the highest bid for the optical networking business of Nortel Networks Corps reports an article over on Bloomberg. Back in October, Ciena Corps bid $390 million in cold cash along with 10 million in shares of common stock for Nortel’s assets.

However, last week Nortel made it know there was another bidder, but wouldn’t say who for when the auction would take place on the 20th of November. Apparently that anonymous bidder turned out to be Nokia Siemens.

Spokesperson for Nokia Siemens, Ben Roome stated that Nokia Siemens had made its offer along with a financial partner but was not identified, nor did he mention how much the offer was.

Fibre optic equipment maker for the largest US phone firms, Ciena wants to acquire Nortel Networks Corps to help bolster video transmission along with other internet traffic business; while Nokia Siemens put in their bid along with One Equity Partners LLC although Roome wouldn’t confirm this.