Transmode Shareholders Accept Infinera Buyout Offer

(RTTNews) - Infinera (INFN), provider of Intelligent Transport Networks, announced that its offer to acquire Transmode has been accepted by shareholders representing approximately 95.8 percent of the outstanding shares and votes in Transmode.

The transaction is now slated to close on or around August 20, 2015. Of the shares tendered, approximately 63 percent were tendered under the cash and stock mix alternative, and approximately 37 percent were tendered under the all-cash alternative. This will result in final consideration comprised of approximately 7.9 million shares of Infinera common stock and the remainder in cash.

In April, Infinera had announced its offer to acquire Transmode, a leader in metro packet-optical networking through a recommended public offer to the shareholders of Transmode.

As per the terms of the Offer, for every 10 shares of Transmode, shareholders would receive 300 Swedish kronor in cash and 4.705 Infinera shares. The purchase price implied a price per share of approximately 109 kronor, and a total equity value for Transmode of about $350 million.