Oplink (OPLK) to Acquire a Majority Interest in Optical Communication Products (OCPI)

April 23, 2007 7:14 AM EDT

Oplink Communications, Inc. (Nasdaq: OPLK) signed a definitive agreement with The Furukawa Electric Co., Ltd. to acquire a majority interest in Optical Communication Products, Inc. (Nasdaq: OCPI).

Under the terms of the agreement, Oplink will acquire all 66,000,000 shares of OCP common stock held by Furukawa, constituting approximately 58% of OCP's outstanding shares, in exchange for $84,150,000 in cash and 857,258 shares of Oplink common stock. The purchase price values the OCP shares being purchased at $1.50 per share, with 85% of the purchase payable in cash and 15% payable in Oplink common stock (valued at Oplink's 30-day average closing price).

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