Final results of Solectron vote released

By Lisa Kerner

Charlotte, N.C., Sept. 28 - Computershare Shareholders Services, Inc., the exchange agent for the merger of Flextronics International Ltd. and Solectron Corp., announced final results of the meeting held on Sept. 27, where shareholders of both companies approved the deal.

According to Computershare:

• Holders of 634,188,636 of the outstanding Solectron shares, or 69.0%, elected to receive 0.345 of a Flextronics ordinary share per Solectron share;

• Holders of 8.5% elected to receive $3.89 cash per share; and

• Holders of 22.4% did not submit valid elections and will receive cash.

Flextronics expects to pay approximately $1.07 billion in cash and issue some 221.8 million Flextronics ordinary shares upon completion of the merger.

The transaction is expected to be completed on Oct. 1, according to a company news release.

On June 4, Flextronics announced a definitive agreement to acquire Solectron for some $3.6 billion.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.