So $3.80 or $4.50 ?? .....LOLSandvine Corp could sell for $4.50 per share to strategic buyer TD Republish Reprint Jonathan Ratner | May 29, 2017 12:44 PM ET More from Jonathan Ratner | @jonratner . Waterloo, Ont.-based network equipment maker Sandvine received a $3.80 per share offer from Vector Capital Handout/ SandvineWaterloo, Ont.-based network equipment maker Sandvine received a $3.80 per share offer from Vector Capital. Twitter Google+ LinkedIn Email Typo? More . 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.