© Finisar Business | March 27, 2019
II-VI and Finisar shareholders vote ‘yes’ to merger
The shareholders of II-VI Incorporated and Finisar Corporation overwhelmingly voted to approve II-VI’s proposed acquisition of Finisar at special meetings held by the respective companies.
Both companies received shareholder support for the proposals related to the merger agreement first announced on November 9, 2018. “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,” says Dr. Vincent D. Mattera, Jr., President and CEO, II-VI Incorporated., in a press release. “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.” 97% 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% of the shares of Finisar common stock voting at Finisar’s special meeting voted to approve the proposal to adopt the merger agreement. “While the two companies continue to operate independently, the integration teams are working together to ensure a seamless integration and transition,” adds 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, in Mexico and in Romania. Together, II-VI and Finisar will employ over 24,000 associates in 70 locations worldwide upon closing of the transaction.
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