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News Article

Opnext and Oclaro a match made in heaven

After much deliberation, optical module and component maker Opnext has decided that the merger with manufacturer of optical communications and laser products, Oclaro, should go ahead in Q3 2012

On May 31st, 2012, the board of directors of Opnext Inc. determined that an unsolicited non-binding offer to acquire all of the issued and outstanding capital stock of Opnext for $1.40 per share was not superior to Opnext's proposed merger with Oclaro, Inc.

The offer had been received on May 23rd, 2012 from a technology-focused private equity firm with significant available capital and was subject to the performance of due diligence by the private equity firm.

After careful consideration and consultation with its financial and legal advisors and with Opnext management, Opnext's board of directors determined that the offer was not financially more favourable to Opnext's stockholders than the transactions contemplated by the Agreement and Plan of Merger and Reorganisation, dated as of March 26th, 2012, entered into among Opnext, Oclaro, Inc., and Tahoe Acquisition Sub, Inc.

Opnext notes that significant progress has been made on the pending merger with Oclaro. Opnext believes, subject to receipt of the required stockholder approvals of Opnext and Oclaro and other remaining third party regulatory consents, the merger is on target for a closing early in the third calendar quarter of 2012.

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