According to a recent report, Corning Inc., a maker of glass and fibre optics, and Oak Industries Inc., a supplier of parts and components to manufacturers and service providers in the communications …
According to a recent report, Corning Inc., a maker of glass and fibre optics, and Oak Industries Inc., a supplier of parts and components to manufacturers and service providers in the communications and controls industries, have completed their merger. Corning will exchange 0.83 shares of Corning common stock for each Oak common share. The deal was then valued at about US$ 1.8 billion. Corning said the merger strengthens its position as a supplier of opto-electronic and photonic devices to the telecommunications industry. New York Stock Exchange-listed shares of Oak Industries recently traded at 126 1/4, down 7 3/4 or 5.8%, on composite volume of 129,100 common shares. Average daily volume of 550,911 common shares. Corning shares, also traded on the NYSE, recently traded at 151 1/2, down 10 1/2 or 6.5%, on composite volume of 1,700,800 common shares. Average daily volume is 2,078,373 common shares.