Potential Bidding War?
Extreme Networks entered into an asset purchase agreement with Avaya for its networking business in which Extreme will serve as the primary bidder in a Section 363 sale under the Bankruptcy Code. This means other interested parties can still submit bids before a deadline set by the Bankruptcy Court, potentially giving Avaya the chance to select a higher bid.
According to the filing, final bids are due on May 18, 2017. If Avaya still does select Extreme as the buyer, the transaction is expected to close by June 30.