Oplink closes purchase of majority interest in OCP
JUNE 6, 2007 -- Oplink Communications Inc. (search for Oplink) today announced it has closed its previously announced transaction with Furukawa Electric Co., Ltd. (search for Furukawa Electric) to acquire Furukawa's 58.1% stake in Optical Communication Products Inc. (search for OCP) for $1.50 per share, payable in cash and stock of Oplink. (See "Oplink to acquire a majority interest in OCP", "Court: Oplink must wait", and "Furukawa takes seats on OCP board").
Separately, Oplink and the Special Committee of OCP's Board of Directors announced that they have reached an agreement in principle whereby Oplink would acquire the remaining 41.9% of OCP common stock not owned by Oplink for $1.65 per share in cash.
Completion of the acquisition of the remaining shares of OCP is subject to the execution of a definitive merger agreement, the affirmative vote of two-thirds of the outstanding OCP shares not owned by Oplink, and customary closing conditions. This transaction is expected to be completed by the end of the third quarter of calendar 2007.
Additional details on the proposed transaction will be forthcoming in filings with the Securities and Exchange Commission following the execution of a definitive merger agreement.
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