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Tellabs scales back AFC buy

The communications equipment maker scales back the size of its purchase of Advanced Fibre Communications.

Communications equipment maker Tellabs scaled back the size of its purchase of Advanced Fibre Communications (AFC) Tuesday, reaching a new agreement that will drop the price tag on the deal to $1.5 billion. When originally announced in May, the companies said the merger would be worth $1.9 billion to AFC shareholders.

AFC's share price has slipped by more than 20 percent since the deal was announced. Under the new terms of the transaction, AFC's shareholders will receive considerably more cash per share than previously agreed, however.