Opnext (OPXT) Finds Unsolicited Bid Not Superior
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Opnext, Inc. (NASDAQ: OPXT) today announced that on May 31, 2012, the board of directors of Opnext determined that an unsolicited non-binding offer to acquire all of the issued and outstanding capital stock of Opnext for $1.40 per share was not superior to Opnext’s proposed merger with Oclaro, Inc. (Nasdaq: OCLR). The offer had been received on May 23, 2012 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 Opnext’s stockholders than the transactions contemplated by the Agreement and Plan of Merger and Reorganization, dated as of March 26, 2012, entered into among Opnext, Oclaro, Inc., and Tahoe Acquisition Sub, Inc.
Opnext notes that significant progress has been made on the pending merger with Oclaro and that Opnext believes, subject to receipt of the required stockholder approvals of Opnext and Oclaro and other remaining third party regulatory consents, the merger is on target for a closing early in the third calendar quarter of 2012.
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Opnext notes that significant progress has been made on the pending merger with Oclaro and that Opnext believes, subject to receipt of the required stockholder approvals of Opnext and Oclaro and other remaining third party regulatory consents, the merger is on target for a closing early in the third calendar quarter of 2012.
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