Special Committee of the Board of Directors of Optical Communication Products Adopts a 30-Day Shareholder Rights Plan To Protect
May 04 2007 - 8:00AM
Business Wire
Optical Communication Products, Inc. (Nasdaq: OCPI) (�OCP�) today
announced that the Special Committee of its Board of Directors has
adopted a 30-day shareholder rights plan to protect the interests
of OCP�s minority shareholders. The Furukawa Electric Co. Ltd. has
a 58.2% ownership interest in OCP that it recently agreed to sell
to Oplink Communications, Inc. In addition, Oplink has proposed to
purchase OCP�s remaining outstanding common stock not owned by
Furukawa. Hobart�Birmingham, Chairman of the Special Committee of
the OCP Board of Directors, said: �We have adopted this limited
shareholder rights plan as a precautionary measure to protect our
shareholders while we carefully evaluate Oplink�s unsolicited offer
to acquire OCP�s minority shares. The Special Committee has not
reached any conclusions, but we will continue to work diligently
and announce the results of our evaluation in due course.� Under
the plan, the Special Committee has declared a dividend
distribution of one right for each outstanding share of OCP Common
Stock to shareholders of record as of May 14, 2007. These rights,
which will expire on June 2, 2007, will become exercisable only
under three specific conditions: the closing of Oplink�s purchase
of Furukawa�s 58.2% ownership interest in OCP, the acquisition of
more than 15% of OCP�s outstanding common stock by a third party,
or the acquisition of any additional shares by Furukawa or Oplink.
A copy of the shareholder rights plan, along with a cover letter,
will be mailed to shareholders as of the record date and filed with
the Securities and Exchange Commission. These materials also are
available on the investor relations portion of OCP�s web site at
www.ocp-inc.com. About Optical Communication Products, Inc. (OCP)
Founded in 1991, OCP designs, manufactures and sells a
comprehensive line of fiber optic components for metropolitan,
local area and fiber-to-the-home networks. Its global
speed-to-market strategy calls for increased international market
penetration, fast-paced product development and flexible, turnkey
manufacturing capacity. The Company�s product lines include optical
transceivers, transmitters and receivers. For more information,
visit OCP�s web site at www.OCP-inc.com or Investor Digest at
www.globalprovince.com/ocpiindex.htm. Safe Harbor Statement under
the Private Securities Litigation Reform Act of 1995 This release
contains forward-looking statements that involve risks and
uncertainties. Actual results may differ materially from the
results predicted. Important factors which could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements include those detailed under �Risk
Factors� and elsewhere in filings with the Securities and Exchange
Commission made from time to time by OCP, including its periodic
filings on Forms 10-K, 10-Q and 8-K. Other factors that could cause
our actual results to differ materially from those expressed or
implied in the forward-looking statements include (A) factors
relating to the Company and the fiber optic communications
industry, such as (i) the risk that our customers are unable to
reduce their inventory levels in the near-term and (ii) the risk
that we are unable to diversify and increase our customer base; (B)
factors relating to the acquisition of GigaComm, such as (i) the
possibility that the anticipated benefits from the acquisition
cannot be fully realized, (ii) our ability to successfully
integrate the operations of GigaComm with those of OCP, and the
possibility that costs or difficulties related to the integration
will be greater than expected, (iii) our ability to implement
future business and acquisition strategies, and (iv) our ability to
retain personnel of GigaComm; (C) factors relating to our
manufacturing contract with SAE Magnetics, such as the possibility
that the expected benefits from that contract will not be fully
realized or will be delayed; (D) factors relating to doing business
in Taiwan and The People�s Republic of China, such as, but not
limited to (i) risks relating to political and diplomatic issues
between Taiwan and The People�s Republic of China, (ii) difficulty
of managing global operations, including staffing and managing
foreign operations, (iii) differing labor regulations, and (iv)
foreign currency risk; and (E) factors relating to Oplink�s pending
acquisition of the shares of OCP capital stock beneficially owned
by Furukawa and Oplink�s proposal to acquire the remaining
outstanding capital stock of OCP by means of a merger. OCP
undertakes no obligation to release publicly any revisions to any
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events.
Optical Communication (NASDAQ:OCPI)
Historical Stock Chart
From Sep 2024 to Oct 2024
Optical Communication (NASDAQ:OCPI)
Historical Stock Chart
From Oct 2023 to Oct 2024
Real-Time news about Optical Communic Proda (MM) (NASDAQ): 0 recent articles
More Optical Communication Products, Inc. News Articles