DOW JONES NEWSWIRES
Finisar Corp. (NASDAQ-NMS:FNSR) (FNSR) Friday said it agreed to buy Optium Corp. (NASDAQ-NMS:OPTM) (OPTM) in an all-stock deal that will create the world's largest supplier of optical components, modules and subsystems for the communications industry, with annual revenue of $660 million.
Terms call for Optium holders to receive 6.262 Finisar (NASDAQ-NMS:FNSR) shares for each Optium share, which would value Optium at Thursday's closing price at $8.33 a share, compared to its close on Thursday at $8.14.
Finisar (NASDAQ-NMS:FNSR) expects to issue 160 million shares, and its shareholders would own 65% of the combined firm.
Jerry Rawls, chairman, president and CEO of Finisar (NASDAQ-NMS:FNSR) , will remain as the executive chairman of Finisar (NASDAQ-NMS:FNSR) . Eitan Gertel, chairman, president and CEO of Optium, will become Finisar's (NASDAQ-NMS:FNSR) president and CEO and will join Finisar's (NASDAQ-NMS:FNSR) board, along with Morgan Jones and Chris Crespi.
-Steve Goldstein; 415-439-6400; AskNewswires@dowjones.com
Corrected May 16, 2008 05:09 ET (09:09 GMT)
Finisar Corp. (NASDAQ-NMS:FNSR) (FNSR) agreed to buy Optium Corp. (NASDAQ-NMS:OPTM) (OPTM).
(Optium's name was misspelled in headlines at 3:13 a.m. and 4:45 a.m. EDT.)
(END) Dow Jones Newswires 05-16-08 0500 Copyright (c) 2008 Dow Jones & Company, Inc.
