Bain, Huawei abandon 3Com bid

American private equity firm Bain Capital and China’s Huawei Technologies have formally abandoned their US$2.2 billion takeover bid for US company 3Com, AFP reported. According to Bain, the decision to walk away came after the Committee on Foreign Investment in the United States (CFIUS) said it "intended to take action to prohibit that transaction." Although the bid was withdrawn late last month when CFIUS said it planned to block the deal on national security grounds, the three parties were working on a revised version. This would have seen Huawei, as a minority stakeholder, have less access to US technology. However, Bain said the parties were "unable to agree upon an alternative transaction."