After the markets closed last night, Oclaro Inc. (NASDAQ: OCLR) and Opnext Inc. (NASDAQ: OPXT) announced a definitive merger agreement that will give Opnext shareholders 0.42 shares of Oclaro common stock for each share of Opnext stock they own. At last night’s closing price of $4.66/share for Oclaro, that values Opnext at around $170 million.
The transaction is expected to close in three to six months and Opnext shareholders will own 42% of the combined company. The companies anticipate transaction costs of $20-$30 million and annualized cost synergies of $35-$45 million within 18 months of the deal’s closing.
Shares of Opnext are up about 47% today, at $1.66 in a 52-week range of $078-$3.05.
Shares of Oclaro are down about -8.8% at $4.25 in a 52-week range of $2.68-$12.02.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.