Corning to Buy Alliance Fiber Optic in $305 Million Deal
April 07 2016 - 7:36PM
Dow Jones News
By Maria Armental
Corning Inc. has made a $350 million offer for Alliance Fiber
Optic Products Inc., a deal that would expand its presence in Asia
and strengthen cloud data-center market position.
Under the terms of the deal, Corning would pay $18.50 a share, a
20% premium over Thursday's $15.46 closing.
Corning said the deal, expected to close in the second quarter,
would add to per-share profit during the first year.
Alliance Fiber Optic, based in Sunnyvale, Calif., makes
fiber-optic parts for the communications-equipment industry. Some
of those components are already used in a number of Corning's
products.
Corning makes specialty-glass products, including Pyrex cookware
and scratch- and crack-resistant Gorilla Glass for smartphones.
Alliance Fiber Optic's shares surged 24% to $19.15 in
after-hours trading. Corning's shares, inactive after-hours, closed
Thursday at $20.66, down 6% over the past 12 months.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 07, 2016 20:21 ET (00:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Alliance Fiber Optic (NASDAQ:AFOP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Alliance Fiber Optic (NASDAQ:AFOP)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Alliance Fiber Optic Products, Inc. (NASDAQ): 0 recent articles
More Alliance Fiber Optic Products, Inc. (MM) News Articles