9 May 2011

Finisar completes voluntary cash offer to acquire Ignis shares; to commence mandatory cash offer

Fiber-optic communications component and subsystem maker Finisar Corp of Sunnyvale, CA, USA has completed its voluntary public cash offer (announced on 22 March) to acquire the outstanding shares of Norway-based Ignis ASA, whose shares are listed on the Oslo Stock Exchange, at a cash price of NOK8 per share.

Ignis provides optical components and network solutions for fiber-optic communications. It operates globally through four subsidiaries: Syntune in Sweden, Ignis Photonyx in Denmark, SmartOptics in Norway, and Fi-ra Photonics (71.8% owned) in Korea. The firm’s product and services portfolio comprises passive optical components including optical chips, splitters and multiplexers, active optical components such as tunable lasers and modulators, and WDM-based solutions enabling the building of high-capacity optical networks.

Finisar’s offer was made pursuant to an offer document of 7 April. The offer period expired on 6 May, and all conditions to the completion of the offer were satisfied. Settlement with the tendering Ignis shareholders will be completed within 14 days.

The offer was accepted by holders of about 37.9 million shares of Ignis (worth NOK303m, at NOK8 per share, or about US$55.9m in total), representing 48.1% of the firm's outstanding shares. These shares, combined with the 25.7 million shares already held by Finisar, will bring Finisar’s total ownership to about 80.7% of the outstanding shares.

Under the Norwegian Securities Trading Act, Finisar’s ownership of more than one-third of the voting shares of Ignis triggers the requirement for Finisar to make a mandatory unconditional offer for all remaining Ignis shares. Finisar says that it will proceed promptly with a mandatory offer at a cash offer price of NOK8 per share. An offer document setting forth the terms will be published and distributed to the remaining Ignis shareholders as soon as possible following review and approval by the Oslo Stock Exchange, which is expected to be obtained within about two weeks.

See related items:

Finisar offers to acquire Ignis

Finisar grows 57.6% year-on-year to record quarterly revenue of $263m

Tags: Finisar

Visit: www.ignis.com

Visit: www.finisar.com