Infineon decides to terminate agreement with Finisar due to delay and uncertain closing
The significant delay and high uncertainty of closing are expected to result in deterioration of our Fiber Optics business and in potential harm to our customers. Infineons Management Board has therefore decided today to terminate the agreement with Finisar and will assess its legal options to recover the damages incurred by way of an arbitration proceeding in Germany.
In parallel Infineon will begin the necessary restructuring of its Fiber Optics business, while continuing to provide full support to its customers and the Infineon Fiber Optics business.
Under the terms of the agreement as last amended on October 11, Finisar would have issued approximately 110 million shares of Finisar common stock to Infineon valued at approximately US-Dollar 206 million as of yesterdays close.