Oclaro Inc. (OCLR) said it is urging shareholders to cast their votes in favor of the proposed merger with Opnext Inc. (OPXT) and in favor of the related increase in authorized shares.
Oclaro said as of July 16, 2012, more than 45% of shareholders have cast their vote, with over 97% voting to approve all proposals required to effect the merger. Votes must be cast promptly in order to be counted in the special meeting of shareholders tomorrow, July 17, 2012, at 10:00 a.m. PDT, Oclaro said.
In March 2012, Oclaro and Opnext had announced that they entered into a definitive agreement to merge in an all-stock transaction. As per the terms of agreement, Opnext shareholders will receive a fixed ratio of 0.42 shares of Oclaro common stock for every share of Opnext common stock they own.
The combined company will be led by Alain Couder, who will serve as chairman and CEO. Upon closing, Harry Bosco will join the combined company's board of directors.
Upon the close of the transaction, Opnext shareholders will own approximately 42% of the combined company.
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