QLogic Purchase Passes Antitrust Muster

QLogic Corp.’s proposed acquisition of Minnesota fiber-channel switch maker Ancor Communications Inc. has cleared a key antitrust hurdle, the companies said Wednesday.

The transaction cleared a waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act. Shareholders are expected to consider the transaction on Aug. 1, the companies said.

When Aliso Viejo-based QLogic announced the proposed stock transaction on May 8, it was valued at $1.7 billion, based on QLogic stock’s closing price of $99.94 a share.

But shares of both companies were pummeled after the deal was announced.

QLogic shares on Wednesday closed at $63.98, up $7.11. Ancor’s stock, which traded as high as $94.13 in December, closed at $34.81, up $3.75. Both stocks trade on the Nasdaq market.

QLogic, which makes equipment for computer-storage networks, will swap 0.5275 of a share for every Ancor Communications share.