JDSU- Just thought you might like to know the following.
SAN JOSE, Calif. (Dow Jones)--JDS Uniphase Corp. (JDSU, news, msgs) completed its merger with E-Tek Dynamics Inc. (ETEK, news, msgs).
As reported, the deal was valued at about $15 billion.
In a press release Friday, JDS said E-Tek will become a wholly owned subsidiary.
Sanjay Subhedar, E-Tek chief financial officer and chief operating officer, will become president of JDS's E-Tek unit, reporting to Charles J. Abbe, JDS Uniphase president and chief executive.
Michael Fitzpatrick, E-Tek chairman and chief executive will remain with the company as an adviser during the integration.
As reported, on a split-adjusted basis, JDS agreed to swap 2.2 shares for every share of E-Tek, which has about 68
million shares outstanding.
The Justice Department cleared the merger of the fiber-optic network component makers June 23, following antitrust review.
As part of the agreement with the Justice Department, the companies agreed to give up E-Tek's right of first refusal for the output from coating chambers used for making thin-film filters owned by filter vendors Barr Associates Herrmann Technology Inc. - which is expected to be acquired by Lucent Technology Inc. (LU, news, msgs) - Hoya Corp. (J.HOY, news, msgs) and OCJ Corp.
As reported, the companies also won't reacquire the rights of first refusal for three years after the transition period.
Shares of E-Tek, which will be delisted from the Nasdaq at the close of trading Friday, traded recently at 265 13/16, up 8 9/16, 3.3%, on composite volume of 358,300 shares. Average daily volume is 1.7 million.
JDS shares traded on the Nasdaq market recently at 120 5/16, up 3 5/16, 3.4 %, on composite volume of 5.6 million shares. Average daily volume is 19.6 million. |
