Product category:
Optical Transceivers, Transponders and Repeaters
News Release from: Finisar Corp
Edited by the Electronicstalk Editorial
Team on 13 January 2005
Infineon knocks back acquisition
Finisar has received notice that Infineon Technologies intends to terminate the purchase agreement for Finisar to acquire Infineon's fibre optics business unit.
Finisar Corp has received notice from Infineon Technologies purporting to terminate the purchase agreement dated 11th October 2004, which provides for the acquisition by Finisar of Infineon's fibre optics business unit in exchange for approximately 110 million shares of Finisar common stock Infineon's notice alleges, among other things, that the purported termination was based on Finisar's breach of the agreement
This article was originally published on Electronicstalk on 13 Nov 2007 at 8.00am (UK)
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Finisar believes that no such breach has taken place.
Prior to receiving Infineon's notice, Finisar had advised Infineon that its board of directors was in the process of considering whether, in the proper exercise of its fiduciary duties, it could continue to recommend the transaction to Finisar's stockholders in light of a number of recent adverse developments in Infineon's fibre optics business.
The board engaged in this re-examination of its recommendation in compliance with the terms of the agreement.
Finisar has repeatedly assured Infineon that it is prepared to fulfill its obligations under the agreement, including bringing the transaction to a vote of the Finisar stockholders whether or not the board's recommendation is modified or withdrawn.
Finisar intends to defend itself vigorously against any legal proceedings that may be instituted by Infineon and to assert appropriate claims for recovery of damages caused by Infineon.
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