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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Alliance Fiber Optic Products, Inc. | NASDAQ:AFOP | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 18.51 | 18.48 | 18.50 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
By Maria Armental
Corning Inc. has made a $350 million offer for Alliance Fiber Optic Products Inc., a deal that would expand its presence in Asia and strengthen cloud data-center market position.
Under the terms of the deal, Corning would pay $18.50 a share, a 20% premium over Thursday's $15.46 closing.
Corning said the deal, expected to close in the second quarter, would add to per-share profit during the first year.
Alliance Fiber Optic, based in Sunnyvale, Calif., makes fiber-optic parts for the communications-equipment industry. Some of those components are already used in a number of Corning's products.
Corning makes specialty-glass products, including Pyrex cookware and scratch- and crack-resistant Gorilla Glass for smartphones.
Alliance Fiber Optic's shares surged 24% to $19.15 in after-hours trading. Corning's shares, inactive after-hours, closed Thursday at $20.66, down 6% over the past 12 months.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 07, 2016 20:21 ET (00:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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