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 SAN FRANCISCO (AP) - Cisco Systems Inc. said Thursday that it has agreed to acquire the online meeting company WebEx Communications Inc. for about $3.2 billion in cash.
Cisco, the leading maker of routers and switches that direct data over computer networks, said it will pay $57 per share of WebEx. That represents a 23 percent premium over WebEx's closing price of $46.20 Wednesday on the Nasdaq Stock Market.
Shares of WebEx soared $10.53, or more than 22 percent, to $56.73 in early trading on the Nasdaq Stock Market. Cisco shares lost 6 cents to $25.79 on the same exchange.
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