Did Ciena Spill the Beans on Nortel Deal?

Ciena (CIEN) issued a press release yesterday that it is in “advanced discussions” to acquire substantially all of the optical networking and carrier ethernet assets of Nortel’s (NRTLQ.PK) Metro Ethernet Networks (MEN) business, adding any agreements would be “subject to a competitive bidding process”.

But some alert AAN readers contend Ciena may have prematurely spilled the beans on just how far along the negotiations have gone. On Friday, Ciena apparently issued this press release, which suggests it had agreed to purchase “substantially all of the optical networking and carrier Ethernet assets of Nortel’s Metro Ethernet Networks” for $400 million in cash and 10 million shares, which are worth about $150-million.