II-VI And Finisar Shareholders Approve Merger
Combination would form a formidable photonics and compound semiconductor company capable of serving the broad set of fast growing markets
Shareholders of II-VI and Finisar have voted to approve proposals related to II-VI's acquisition of Finisar. Both companies received enthusiastic shareholder support for the proposals related to the merger agreement first announced on November 9, 2018.
97 percent of the shares of II-VI common stock voting at II-VI's special meeting voted to approve the proposal to issue shares of II-VI common stock pursuant to the merger agreement, and 99 percent of the shares of Finisar common stock voting at Finisar's special meeting voted to approve the proposal to adopt the merger agreement.
The combination of the two companies would form a formidable photonics and compound semiconductor company capable of serving the broad set of fast growing markets of communications, consumer electronics, military, industrial processing lasers, automotive semiconductor equipment and life sciences. Together, II-VI and Finisar employ over 24,000 associates in 70 locations worldwide upon closing of the transaction.T
“Since the merger announcement, our shareholders have gained an appreciation of the long-term value creation that the unique breadth and depth of this combination will enable,” said Vincent D. Mattera, Jr president and CEO, II-VI Incorporated. “Meanwhile, the feedback from our major customers in the communications and consumer markets continues to be overwhelmingly positive, due to the high complementarity of our enabling technology, intellectual property, product portfolios and global footprint.”
“While the two companies continue to operate independently, the integration teams are working together to ensure a seamless integration and transition,” said Michael Hurlston, Finisar's CEO. “We see the positive overlap between our cultures, the mutual appreciation for our companies' capabilities, the exceptional synergy potential, and the energizing outlook for our future.”
The merger is expected to be completed in the middle of calendar year 2019. The merger filing is under review in China by the State Administration for Market Regulation (SAMR), in Mexico by the Federal Economic Competition Commission, and in Romania by the Romanian Competition Council.