Stratos International Consummates Merger With Emerson
July 12 2007 - 3:51PM
PR Newswire (US)
CHICAGO, July 12 /PRNewswire-FirstCall/ -- Stratos International,
Inc. (NASDAQ:STLW), today announced that it has consummated its
merger with a wholly owned subsidiary of Emerson (NYSE:EMR), a $20
billion leading global technology company that provides products
and services for a wide range of industries, commercial markets and
end-users. The merger was finalized after the shareholders of
Stratos approved the merger at a special meeting held earlier
today. As a result of the merger, Stratos is no longer a public
company and provided notice today to the NASDAQ Stock Market
requesting that its common stock (formerly traded under the NASDAQ
symbol "STLW") be delisted from the NASDAQ Stock Market LLC at the
close of business on July 12, 2007. Under the terms of the merger
agreement, the holders of Stratos International common stock will
receive $8.00 per share in cash for their shares, for a total
consideration of approximately $118 million, or an aggregate
consideration of approximately $83.5 million, net of acquired cash.
Phillip A. Harris, President and CEO of Stratos said, "We are
pleased that our shareholders recognized the value of this
transaction and we look forward to joining Emerson. This
transaction will provide significant opportunities for Stratos to
penetrate new industry channels and deliver superior services to
our existing customers." About Emerson Emerson, based in St. Louis,
is a global leader in bringing technology and engineering together
to provide innovative solutions to customers through its network
power, process management, industrial automation, climate
technologies, and appliance and tools businesses. Sales in fiscal
2006 were $20.1 billion. For more information, visit
http://www.emerson.com/. About Stratos International Stratos
International, Inc. is a leading designer, developer and
manufacturer of RF and microwave, as well as optical subsystems,
components and interconnect products used in telecom, enterprise,
military and video markets. Stratos has a rich history of optical
and mechanical packaging expertise and has been a pioneer in
developing several optical devices using innovative form-factors
for high density and harsh environment networking applications.
This expertise, coupled with several strategic acquisitions, has
allowed Stratos to amass a broad range of products and build a
strong IP portfolio of more than 150 US patents issued and pending.
Stratos currently serves more than 1,300 active customers,
primarily in the telecom/datacom, military/aerospace and video
markets. Safe Harbor Statement This press release contains
predictions and other forward-looking statements. All
forward-looking statements in this press release are based on
information available to Stratos as of the date hereof, and we
assume no obligation to update any such forward-looking statements.
Forward-looking statements are subject to risks and uncertainties
and actual results may differ materially from any future
performance suggested. These factors include rapid technological
change in the optical communications industry; fluctuations in
operating results; Stratos' dependence on a few large customers;
and competition. Other risk factors that may affect the Company's
performance are listed in Stratos' annual report on Form 10-K and
other reports filed from time to time with the Securities and
Exchange Commission (the "SEC"). DATASOURCE: Stratos International,
Inc. CONTACT: Barry Hollingsworth, Vice President & Chief
Financial Officer of Stratos International, Inc., +1-708-457-2379,
Web site: http://www.stratosinternational.com/
http://www.emerson.com/
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