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Redback sets 2-for-1 split, completes Siara transaction

Redback Networks completed its purchase of Siara Systems and announced a 2-for-1 stock split Wednesday.

After market close, Redback announced a 2-for-1 stock split, to take effect April 3 for shareholders of Mar. 20 record. It will be the second split for the network equipment vendor's stock since the company went public in June.

Prior to the announcement, shares of Redback closed Wednesday's regular trading at 327 11/16, down 14 11/16 on a day that saw many technology stock lose ground.

The split was announced on the same day that Redback completed its acquisition of privately-held Siara Systems, a developer of optical networking technology. The all-stock deal is valued at $4.3 billion. Former Siara shareholders will control 38 percent of the combined company.>