Summary
II-VI Incorporated (now Coherent Corp.) has filed an 8-K report detailing the completion of its acquisition of Oclaro, Inc.'s fiber amplifier and micro-optics business. This strategic acquisition, valued at $88.6 million, closed on November 1, 2013, and was financed through a combination of cash and a hold-back amount. The deal is expected to enhance II-VI's capabilities in key optical technology areas. Additionally, the report confirms the appointment of Vincent D. Mattera, Jr. as Chief Operating Officer and provides details from the company's Annual Meeting of Shareholders held on November 1, 2013. Key outcomes from the meeting include the election of three Class Two Directors and the ratification of Ernst & Young LLP as the independent auditor. The company also announced the non-binding approval of its executive compensation.
Key Highlights
- 1II-VI Incorporated completed the acquisition of Oclaro, Inc.'s fiber amplifier and micro-optics business for $88.6 million.
- 2The acquisition was finalized on November 1, 2013, comprising $79.6 million in cash and a $4.0 million hold-back.
- 3Vincent D. Mattera, Jr. was appointed as Chief Operating Officer, effective November 1, 2013.
- 4The Annual Meeting of Shareholders took place on November 1, 2013.
- 5Peter W. Sognefest, Francis J. Kramer, and Wendy F. DiCicco were elected as Class Two Directors.
- 6Shareholders approved the company's executive compensation on a non-binding advisory basis.
- 7Ernst & Young LLP was ratified as the independent registered public accounting firm for the fiscal year ending June 30, 2014.