3Com Future Unclear

Earlier this year, 3Com announced plans to spin off TippingPoint in an initial public offering early next year, saying its products were not a tight fit with networking gear produced by other units. That IPO is still likely to happen, but the decision to proceed will ultimately be Bain's and Huawei's to make if the 3Com acquisition goes through, Zager said.

The value of these individual units, as indicated by their previous valuations, has some investors questioning whether the bid for 3Com reflects the company's true value. But Zager notes that 3Com's market value is reflected in the company's current stock price, not valuations done at an earlier time.

"You can argue philosophically, how did 3Com get to a valuation on the street of $1.4 billion or $1.5 billion when the individual pieces add up to more than that, and my guess is that gets down to expectations, execution, etc.," he said.

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