Koch Optics Inc, a subsidiary of Koch Industries Inc of Wichita, KS, USA, has completed its tender offer to purchase all issued and outstanding shares of common stock of optical communications component, module and subsystem maker Oplink Communications Inc of Fremont, CA, USA (announced on 19 November) at a price of $24.25 per share. Koch Optics has hence merged into Oplink.
A total of 14,701,501 shares were validly tendered and not withdrawn in the offer, representing about 83.8% of Oplink’s outstanding shares. Koch Optics has accepted for payment all shares tendered.
Koch Optics and Oplink subsequently completed the merger without a vote or meeting of Oplink’s shareholders, with Oplink surviving the merger as a wholly owned subsidiary of Koch Industries. Oplink shares hence ceased trading on the NASDAQ Global Market prior to the opening of the market on 23 December.
Oplink provides telecoms, datacoms and cable TV equipment makers with solutions in DWDM and CWDM bandwidth creation, optical amplification, switching & routing, wavelength conditioning, monitoring & protection, connectivity and system-level integration, as well as a broad portfolio of optical transceivers for metro WDM, aggregation and access applications.
Koch is one of the largest private companies in the USA, with annual revenue of about $115bn, according to Forbes, and more than 100,000 staff in about 60 countries (including about 60,000 in the USA). It owns a diverse group of companies involved in refining, chemicals, grain processing and biofuels; forest and consumer products; fertilizers; polymers and fibers; process and pollution control equipment and technologies; electronic components; commodity trading; minerals; energy; ranching; glass; and investments. Since 2003, Koch companies have invested $65bn in acquisitions and other capital expenditures.
Koch said on 19 November that Oplink will be managed by electronics components maker Molex (a Koch Industries subsidiary, acquired in Autumn 2013). The transaction represents an expansion of Koch’s technology platform operated under Molex. “Oplink will significantly expand Molex’s fiber-optic capabilities for technology development and new product innovation,” said Tim Ruff, Molex’s senior VP, business development & corporate strategy. “We are growing our capabilities in our target markets by combining Molex’s global presence and technological leadership with key industry leaders to provide customers with innovative solutions,” he added.
“This compelling transaction provides our shareholders with immediate and substantial cash value for their investment,” commented Oplink’s CEO Joe Liu at the time the deal was announced. “Our board is confident that this combination is in the best interests of our shareholders and will create a stronger and more comprehensive offering for the fast-growing wireless, datacom, metro and long-haul telecom markets,” he added.
“Oplink’s team brings a broad range of talent and capabilities that are complementary to Molex,” noted Doug Busch, VP & general manager of Molex’s Global Fiber Optic business. “Our combined organizations will enable us to create more value for our customers and will accelerate our development of complete integrated optical solutions.”
