Corning Announces Extension of Tender Offer For Shares of AFOP
May 13 2016 - 4:15PM
CORNING, N.Y., MAY 13, 2016 - Corning
Incorporated (NYSE: GLW) announced today that it, along with
Apricot Merger Company ("Purchaser"), a direct, wholly owned
subsidiary of Corning, pursuant to the Agreement and Plan of Merger
dated April 7, 2016 (the "Merger Agreement"), among Corning,
Purchaser, and Alliance Fiber Optic Products, Inc. (Nasdaq: AFOP),
has exercised its right to extend the offering period of its
previously announced tender offer to purchase all of the
outstanding shares of common stock of AFOP. The Merger Agreement
allows Corning to extend the offering period if the transactions
between Corning and Dow Corning Corporation that were previously
announced on December 11, 2015 are not yet closed. The tender
offer, which was previously scheduled to expire at 12:00 midnight
(New York City time) on May 19, 2016, has been extended until 5:00
p.m., New York City time on June 3, 2016, unless further
extended.
American Stock Transfer & Trust Company, LLC,
the depositary for the tender offer, has advised Corning and
Purchaser that, as of 5:00 p.m., New York City time, on May 12,
2016, 1,374,808 shares of common stock of AFOP were tendered
pursuant to the tender offer, which represented approximately 8.61%
of the outstanding shares of common stock of AFOP. Stockholders who
have already tendered their shares of common stock of AFOP do not
have to re-tender their shares or take any other action as a result
of the extension of the expiration date of the tender offer.
Georgeson LLC is the Information Agent for the
tender offer and any questions or requests for the Offer to
Purchase and related materials with respect to the tender offer may
be directed to them, toll-free at (866) 203-9357.
Notice to Investors
This announcement is neither an offer to purchase nor a
solicitation of an offer to sell securities. Corning and Purchaser
have filed a tender offer statement on Schedule TO, including an
offer to purchase, a letter of transmittal and related documents,
with the SEC and AFOP has filed a solicitation/recommendation
statement on Schedule 14D-9 with the SEC. The tender offer
statement (including an offer to purchase, a related letter of
transmittal and other offer documents) and the
solicitation/recommendation statement contain important information
that should be read carefully before any decision is made with
respect to the tender offer. Such materials are available to AFOP
security holders at no expense to them from the information agent
named in the tender offer materials. In addition, such materials
(and all other offer documents filed with the SEC) are available at
no charge on the SEC's website at www.sec.gov.
Forward-Looking and Cautionary
Statements
This press release contains "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning's financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete inventory;
the rate of technology change; the ability to enforce patents;
product and components performance issues; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only as
of the day that they are made, and Corning undertakes no obligation
to update them in light of new information or future events.
Digital Media
Disclosure
In accordance with guidance provided by the SEC regarding the use
of company websites and social media channels to disclose material
information, Corning Incorporated ("Corning") wishes to notify
investors, media, and other interested parties that it intends to
use its website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors. The list of
websites and social media channels that the company uses may be
updated on Corning's media and website from time to time. Corning
encourages investors, media, and other interested parties to review
the information Corning may publish through its website and social
media channels as described above, in addition to the company's SEC
filings, press releases, conference calls, and webcasts.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science. For more than 160 years, Corning has applied
its unparalleled expertise in specialty glass, ceramics, and
optical physics to develop products that have created new
industries and transformed people's lives. Corning succeeds through
sustained investment in R&D, a unique combination of material
and process innovation, and close collaboration with customers to
solve tough technology challenges. Corning's businesses and markets
are constantly evolving. Today, Corning's products enable diverse
industries such as consumer electronics, telecommunications,
transportation, and life sciences. They include damage-resistant
cover glass for smartphones and tablets; precision glass for
advanced displays; optical fiber, wireless technologies, and
connectivity solutions for high-speed communications networks;
trusted products that accelerate drug discovery and manufacturing;
and emissions-control products for cars, trucks, and off-road
vehicles.
Media Relations
Contacts:
Joseph
Dunning
(607)
974-5006
dunningjm@corning.com
Isolde Karro
(828) 901-6406
karroI@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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