Bain Gives Up on 3Com Deal

The plan to take 3Com (COMS Quote) private has officially fallen apart.

An affiliate of Bain Capital Partners said the private equity firm has terminated its merger agreement to acquire 3Com after the Committee on Foreign Investment in the United States said it wouldn't support the $2.2 billion deal. Shares of 3Com were tumbling 26 cents, or 11.7%, to $1.96.

"Bain Capital made several alternative proposals to 3Com that we believe could have satisfied the concerns raised by CFIUS," the firm said in a press release. "We regret that we were unable to agree upon an alternative transaction." ...