Shareholders to decide Flextronics, Solectron merger at separate meetings on Sept. 27

By Lisa Kerner

Charlotte, N.C., Aug. 7 - Flextronics International Ltd. and Solectron Corp. shareholders will be asked to vote on their companies' proposed merger at separate meetings on Sept. 27 in California. The Flextronics meeting will be held at 1 p.m. ET, and the Solectron meeting will begin at 11 a.m. ET.

On June 4, Flextronics announced a definitive agreement to acquire Solectron for some $3.6 billion. Solectron shareholders can elect to receive either 0.345 of a Flextronics share or a cash payment of $3.89 per share. The shareholders will own 20% to 26% of Flextronics' outstanding shares.

As previously reported, both companies' boards of directors approved the transaction, which is expected to close by the end of 2007 pending shareholder approval. The combined company will operate in 35 countries, with a combined workforce of some 200,000 employees and annual revenues of more than $30 billion, a company news release stated.

Flextronics is an electronics manufacturing services provider based in Singapore. Located in Milpitas, Calif., Solectron offers collaborative design and new product introduction, supply chain management, lean manufacturing and aftermarket services.

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