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What: Shares of networking specialist Blue Coat Systems
So what: San Francisco based private equity firm Thoma Bravo is picking up the company in a $1.3 billion all-cash deal. The agreement values Blue Coat at $25.81 per share, a massive 48% premium over yesterday's close.
Now what: Blue Coat has had its fair share of troubles in recent times, from ditching its CEO in August to falling revenue (even if it beat expectations). The company has been suffering at the hands of able competitors like Websense
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