Optical communications and laser component,module and subsystem makers Oclaro Inc of San Jose,CA,USA and Opnext Inc of Fremont,CA,USA have provided an update regarding their proposed merger.
At their respective stockholder meetings,stockholders of Opnext have approved the merger of the two firms(announced in late March).This approval was the final milestone needed from Opnext stockholders to close the merger.
Stockholders of Oclaro were asked to approve two proposals.The first-to issue Oclaro shares to Opnext stockholders as consideration in the merger-was approved.
Oclaro stockholders were also asked to approve a second proposal to increase the number of authorized shares,in order to have sufficient shares to deliver to Opnext stockholders.During the meeting,Oclaro received about 46%of the>50%majority vote needed to approve this proposal and close the merger.Of the votes cast,about 89%were in favor of the proposal.
As a result,Oclaro stockholders approved a proposal to adjourn the meeting until 23 July,5:00pm PDT,at the firm's headquarters,in order to solicit the additional votes required to complete the merger.
"The Oclaro and Opnext teams have been working diligently and our integration plans are on schedule,"says Oclaro's chairman&CEO Alain Couder."We are ready to operate as a single company and look forward to taking our place as the number 2 global provider of optical components,modules and subsystems,"he adds.
Oclaro urges all stockholders of record(i.e.who held shares on 23 May)to vote their shares.Stockholders eligible to vote can obtain the information required to vote by e-mailing [email protected] or calling 001 408-919-6081.
