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21 May 2007

 

Court denies Oplink’s request to expedite proceedings against OCP

The Delaware Court of Chancery has denied the request by Oplink Communications Inc of Fremont, CA, USA to expedite its lawsuit against the 30-day shareholder rights plan implemented in early May by a special committee of the board of Optical Communication Products Inc of Woodland Hills, CA, USA. Oplink had requested expedited discovery and for the trial to begin in June, but the court stated that it had failed to meet the legal requirements under Delaware law for obtaining an expedited proceeding.

On 23 April, OCP's board of directors received a letter from Oplink saying that it had agreed to buy Japanese fiber maker Furukawa Electric Co Ltd’s 58.2% majority stake in OCP. Oplink has also proposed to purchase OCP's remaining stock not owned by Furukawa for $1.50 per share.

On 3 May, the special committee of OCP's board approved a limited, 30-day shareholder rights plan (declaring a dividend distribution of one right for each outstanding share) in order to safeguard the interests of its minority shareholders. Oplink subsequently filed its lawsuit against OCP’s ‘poison pill’ on 7 May.

See related items:

OCP losses worsen as it gears for China manufacturing transfer

Oplink files suit to challenge OCP’s ‘poison pill’

Oplink grows revenues 20%; agrees to acquire majority stake in OCP

Visit OCP: http://www.ocp-inc.com

Visit Oplink: http://www.oplink.com