On the morning of July 25th, the merger of Oclaro and Opnext, two of the world's leading optical device vendors, was approved by the Oclaro General Meeting of Shareholders on Monday (July 23, US time). At this point, the two companies successfully completed the merger and became the world's second-largest optical device supplier after Finisar in total sales.
Last week, Opnext General Meeting of Shareholders announced the approval of the transaction, and Oclaro General Meeting of Shareholders failed to pass half of the votes due to insufficient shareholder votes. The merger timetable was delayed until this week. At the extraordinary general meeting held on Monday, Oclaro passed the merger.
The merger was originally announced in March of this year that each Opnext share can be exchanged for 0.42 Oclaro shares. The combined amount is approximately US $ 176 million. After the merger is completed, the Oclaro name will continue to be used, and a new LOGO will be replaced. After the merger, Oclaro will own 58% of the new company.
Oclaro President Alain Couder was appointed as the new company ’s board chairman and CEO, and Opnext board chairman and CEO Harry Bosco became the new company ’s director. Board members also include Joel A. Smith III (lead independent director) and Edward Collins, Kendall Cowan, Greg Dougherty, Lori Holland, Dr. David Lee, Marissa Smith, Bill Smith (independent director).
In the new management team, Jim Haynes serves as President of Global Business, Yves LeMaitre serves as Chief Commercial Officer, Terry Unter serves as Chief Operating Officer, Kei Oki serves as President of Japanese Business, Jerry Turin serves as Chief Financial Officer, and Bob Quinn serves as Chief Information Officer. The new management team also includes Tadayuki Kanno, Kate Rundle, Kathy Zwickert and others. Among them, Oki and Kanno are from Opnext, and the other members are from Oclaro.
After the merger is completed, the new company will have 3,200 employees and consolidated sales of $ 833 million in fiscal 2011.
Optical device market analysis agency LightcounTIng previously evaluated the merger of Oclaro and Opnext that this is the prelude to a series of mergers in the optical device industry. Other important recent mergers include Sumitomo ’s acquisition of Emcore VCSEL fab and product line, and the merger of Guangxun Technology and WTD. The floods in Thailand in the third quarter of last year were also considered to be an important reason for the merger of the two companies. Fabrinet, a major Thai optical device foundry, is an important OEM partner of the two companies. The floods have inundated Fabrinet, which has caused a significant impact on the shipment and performance of the two companies.
Oclaro is a company with rich experience in mergers and acquisitions. In the past few years, there have been continuous mergers and acquisitions, and eventually grew into a leading global optical device manufacturer. After the merger with Opnext, another major optical device manufacturer, the new company will have a comprehensive product line from data to telecommunications optical devices and leading R & D strength, which will help the two companies complement each other and have a stronger optical communications industry chain. The right to speak.
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