TD says new buyer could pay $4.50 per share :)Sandvine Corp could sell for $4.50 per share to strategic buyer TD Sandvine Corp.s agreement with Vector Capital for $3.80 per share may not be the last deal for the network solutions provider Sandvine Corp.s agreement to be acquired by Vector Capital for $3.80 per share may not be the last deal we see for the Waterloo, Ontario-based network solutions provider. For one, the agreement includes a 42-day go-shop period for Sandvine to solicit superior offers. That means another financial buyer could step in. However, a more attractive bid could also come from a strategic buyer. TD Securities analyst Daniel Chan believes that if such a buyer is able to reduce Sandvines fiscal 2018 operating expenditures by just 10 per cent, that company could offer approximately $4.50 per share, based on the same multiple as Vectors offer. He compared Vectors offer to private equity firm Francisco Partners 2015 acquisition of Procera Networks Inc. Procera was acquired for 8.3x 2016 EBITDA, while Vectors bid for Sandvine equates to 8.4x TDs 2018 EBITDA estimate. Although the transaction multiples are comparable, we argue that Sandvine is a far superior company today, compared with Procera at that time, Chan told clients. Although the Procera transaction only had one interested strategic buyer, we argue that Sandvines market leadership, relatively strong margins, and technology