Corning Completes Tender Offer to Acquire Alliance Fiber Optic Products
Corning Inc. recently announced that it has successfully completed its tender offer for Alliance Fiber Optic Products.
Corning Inc. recently announced that it has successfully completed its tender offer for all of the outstanding shares of the common stock and related rights of Alliance Fiber Optic Products, Inc. for $18.50 per share. As of the tender offer expiration on June 3, 2016, approximately 12.3 million shares of Alliance common stock were validly tendered and not properly withdrawn from the tender offer, representing 77% of the total number of outstanding common stock on a fully diluted basis. All of such shares have been accepted for payment in accordance with the terms of the tender offer. Corning plans to integrate Alliance into its Optical Communications business segment. Alliance designs and manufactures high-performance passive optical components. These products are used by cloud data center operators and leading data communications and telecommunications original equipment manufacturers.
Corning expects to complete the acquisition of Alliance through a merger of Apricot Merger Co., a wholly owned subsidiary of Corning, with and into Alliance. Upon completion of the merger, all outstanding shares of common stock of Alliance, other than shares held by Alliance in treasury or shares held by Alliance’s stockholders who are entitled to and properly exercise appraisal rights under Delaware law, will be canceled and converted into the right to receive cash equal to the $18.50 offer price per share without interest, less any applicable withholding taxes. As a result, upon completion of the merger, Alliance will become a wholly owned subsidiary of Corning and the common stock of Alliance will cease to be traded on the Nasdaq Stock Market.
“Corning continues to experience strong growth at the edge of the network, specifically in data center and fiber-to-the-home (FTTH) applications, and AFOP bolsters our presence in these growing markets,” said Clark S. Kinlin, executive vice president, Corning Optical Communications. “In addition, this acquisition accelerates our co-innovation strategy by adding new optical component and development capability to our global scale operations and technology platforms, strengthening our ability to deliver high-value optical solutions for network operators worldwide.”
For more information, visit www.corning.com.