Hey, is anyone w/me on MRVC?
The anticipated news re: IPO of Luminent (owned by MRVC) was announced today.
Also MRVC reports earnings tomorrow...
cowgirl
biz.yahoo.com
Wednesday July 26, 12:18 pm Eastern Time
MRV's fiber optic components unit Luminent files IPO
WASHINGTON, July 26 (Reuters) - Luminent Inc., a fiber optic component maker and unit of MRV Communications Inc. (NasdaqNM:MRVC - news), filed on Wednesday to raise $207 million in an initial public offering of common stock.
Luminent, based in Chatsworth, Calif., plans to use the money for general corporate purposes, including capital expenditures, working capital and possible acquisitions, it said in a Securities and Exchange Commission filing.
The exact number of shares and their price range will be determined later.
MRV will own an undisclosed percentage of the company when the IPO is completed.
It currently plans to finish the divestiture of Luminent within six to 12 months after the offering by distributing all of the Luminent common shares it owns to the holders of MRV's common stock, the filing said.
The distribution is subject to certain conditions, including a favourable tax ruling and board approval as well as market conditions.
The IPO is being handled by Credit Suisse First Boston, CIBC World Markets, Robertson Stephens, U.S. Bancorp Piper Jaffray and First Security Van Kasper.
Luminent, whose components include lasers, transmitters and receivers, has applied for a Nasdaq listing under the symbol ``LUMN'' (Nasdaq:LUMN - news). |
