4 June 2012 Opnext deems unsolicited offer to acquire it is not superior to Oclaro merger
Optical module and component maker Opnext Inc of Fremont,CA,USA says that on 31 May its board of directors determined that an unsolicited non-binding offer to acquire all of the firm's issued and outstanding capital stock for$1.40 per share was not superior to Opnext's proposed merger with optical communications and laser component,module and subsystem maker Oclaro Inc of San Jose,CA,USA.
The offer was received on 23 May from a technology-focused private equity firm with significant available capital and was subject to the performance of due diligence by the private equity firm.After careful consideration and consultation with its financial and legal advisors and with Opnext management,Opnext's board of directors determined that the offer was not financially more favorable to stockholders than the transactions contemplated by the agreement and plan of merger and reorganization(dated 26 March)entered into between Opnext,Oclaro,and Tahoe Acquisition Sub Inc.
Opnext notes that significant progress has been made on the pending merger with Oclaro,and that it believes(subject to receipt of the required stockholder approvals of Opnext and Oclaro and other remaining third-party regulatory consents)that the merger is on target to close early in third-quarter 2012.