Opnext Rejects Merger Offer - Analyst Blog
05 6월 2012 - 9:30PM
Zacks
Opnext Inc. (OPXT)
recently announced that the company has rejected an unsolicited
offer to be acquired for $1.40 per share on May 23, 2012. The
company declined the offer as the merger offer with Oclaro
Inc. (OCLR) was much superior to this offer.
In March 2012, Oclaro announced
that it entered into an agreement to acquire its peer Opnext
Inc. for approximately $176 million.
Under the terms of agreement,
Opnext shareholders will receive a fixed ratio of 0.42 shares of
Oclaro common stock for every share of Opnext common stock they
own.
Meanwhile, Opnext also stated that
significant progress has been made on the pending merger with
Oclaro and it is expected to be completed by the third quarter of
2012.
The combined company will attain
its much needed scale of economies to supply a wide range of
products to telecom service providers. The merged entity can
significantly reduce their costs of operations by shifting
production facilities to the low-cost Asia Pacific region. Oclaro
has already started moving its test and assembly facilities to
Malaysia and Thailand.
The merged entity is expected
to achieve annualized cost synergies of $35 million to $45 million
within 18 months of the close of the transaction.
Chairman and CEO of Oclaro, Mr
Alain Couder, will serve as chairman and CEO of the combined
company. Upon closing, Harry Bosco, Chairman and CEO of Opnext will
join the combined company's board of directors.
In tandem with other industries,
the optical component industry is currently going through a
downtrend. Major telecom carriers are making inventory correction
and this scenario is expected to continue till mid 2012.
OCLARO INC (OCLR): Free Stock Analysis Report
OPNEXT INC (OPXT): Free Stock Analysis Report
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