Wednesday, July 19, 2006
Luminent Calls Off Acquisition
Chatsworth-based Luminent, a subsidiary of MRV Communications, said today that it has called off the acquisition of HG Genuine Opto, a Chinese manufacturer of fiber optic transceivers. MRV said that the two companies mutually agreed to terminate the agreement, based on current market valuations of comparable companies and further due diligence. The two companies originally agreed in May to the transaction, worth $40M in cash plus 15 percent of Luminent's common stock. The companies said in a statement that they hope to find mutually agreeable terms in the future. Luminent is a provider of optical transceivers for the FTTP, metro and DWDM markets.