Opnext turns away private equity bid to unseat Oclaro

The private equity firm, which Opnext did not identify other than describe the firm as “technology focused,” offered $1.40 per share of all of the company’s issued and outstanding capital stock on May 23, subject to the performance of due diligence.

However, “after careful consideration and consultation with its financial and legal advisors and with Opnext management,” in the words of a press release, Opnext’s board decided the proposed deal wasn’t more attractive than Oclaro’s.

Meanwhile, Opnext said progress had been made towards successfully closing the merger with Oclaro. The deal still requires the approval of stockholders of both companies, but Opnext management expressed confidence that the transaction will close early in the third calendar quarter of 2012.