SiliconBeat

Foundry Networks said Tuesday it managed to sell its portfolio of auction rate securities, netting an estimated $38.8 million in the process. The news opened the way for a special meeting of its shareholders to be held today to allow them to, finally, vote on the proposed sale of the company to Brocade Communications Systems.

The special dividend is scheduled to be paid on the date on which the merger is completed. If it should not be completed, Foundry says it will not pay the special dividend.

We’ve posted previously about the cold feet both parties seem to have developed about the transaction that was first proposed back in July.