i was given this tip (OAK)on friday and forgot to pickup some shares becasue i was too busy with NN...damn damn damn.
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. Sunday November 14, 5:45 pm Eastern Time
Corning Acquires Oak Industries
CORNING, N.Y. (AP) -- Corning Inc. (NYSE:GLW - news) on Sunday announced a $1.8 billion deal to acquire Waltham, Mass.-based Oak Industries, in a bid to broaden the company's presence in the burgeoning optical communications market.
Oak Industries designs and manufactures devices that are used as timing references in wireless, wireline and fiber-optic applications. The company's subsidiaries include Lasertron Inc., which manufactures transmission lasers and receivers. A second subsidiary, Gilbert Engineering Co., is known for advances in high-speed communications networks.
Corning, the world's leading supplier of optical fiber, is a key player in the technology behind Internet communications. The company has more than 15,000 employees worldwide, including some 6,000 at its Corning headquarters. Oak Industries employs about 3,900 people.
No layoffs are expected to result from the merger, company officials said.
''With the Internet basically doubling every hundred days there's demand for more information to be transmitted. This is an opportunity for Corning to really grow with that industry,'' Corning spokesman Robert DeMallie said.
The deal will allow customers in the fiber optics industry to ''have a single source for components and modules for optical communications, as well as access to a broad array of related products, including optical fiber, cable and hardware,'' said Roger G. Ackerman, Corning's chairman and chief executive officer.
''Corning's strong technology base will allow the merged businesses to move even more quickly to develop new products and expand capacity for our telecommunications customers,'' said William S. Antle III, chairman, chief executive officer and president of Oak Industries.
Under a stock transaction agreement, Corning will exchange .83 share of Corning stock for each share of Oak Industry. Based on Corning's Friday closing price of $90.37 1/2 on the New York Stock Exchange, the deal values each Oak Industries share at $75, which represents a 51 percent premium over Oak Industry's closing price Friday of $49.75. |
