With the finalization of a definitive deal by Lumentum Holdings Inc (NASDAQ:LITE) to acquire Oclaro Inc (NASDAQ:OCLR) that was reported earlier, Oclaro has canceled its Investor and Analyst session at the OFC. The event had been rescheduled for March 13 at the San Diego Convention Center. Leveraging over years of laser technology advancement and photonics integration, company offers differentiated solutions for high-speed interconnects and optical networks leading the next wave of cloud computing, streaming video, application virtualization and other high-speed and bandwidth-intensive applications.
Lumentum Holdings, a major provider of photonics offerings for optical networking and lasers for consumer and industrial markets, and Oclaro reported that the two firms have finalized a definitive deal, unanimously permitted by the boards of both firms, following which Lumentum will buy all of the outstanding shares of Oclaro.
For an OCLR share, Oclaro shareholders will be entitled to get 0.0636 of a share of Lumentum Holdings common stock and $5.60 in cash, contingent to the terms of the definitive deal. The deal values Oclaro at $9.99 a share, based on the closing price of LITE on March 9, 2018. The transaction value showcases a premium of 27% to OCLR closing price on March 9, 2018. Oclaro stockholders are anticipated to own around 16% of the combined firm at closing.
Alan Lowe, the CEO and President of Lumentum, expressed that joining hands with Oclaro strengthens their product portfolio, broadens their revenue mix, and positions them strongly for the future requirements of their clients.
The combined firm will lead innovation faster and support the advancement of products to allow their consumers to win. They are pleased to welcome the talented team to Lumentum and expect a swift completion of the deal with an emphasis on supporting their consumers and enhancing shareholder value. Greg Dougherty, the CEO of Oclaro, expressed that he is extremely delighted that two of the optical industry pioneers, Lumentum and Oclaro, will join forces.
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