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Verizon Communications (NYSE: VZ) and Terremark Worldwide (Nasdaq TRMK) $14.05. Today jointly announced a definitive agreement under which Verizon will acquire Terremark, a global provider of managed IT infrastructure and cloud services, for $19.00 per share in cash, or a total equity value of $1.4 billion.
Pursuant to the agreement, Verizon anticipates that it will commence a tender offer between Feb. 10, 2011, and Feb. 17, 2011, for all shares of common stock of Terremark. The tender offer price constitutes a premium of 35 percent per share over today's closing price. The transaction is subject to the valid tender of a majority of the shares of Terremark; the expiration or early termination of the Hart-Scott-Rodino antitrust waiting period; and other customary closing conditions. The Board of Directors of Terremark has unanimously approved the transaction, and the transaction was unanimously approved by the directors of Verizon present and voting. Verizon has also entered into agreements with three stockholders of Terremark to tender their shares into the offer, representing approximately 27.6 percent of the outstanding voting shares of Terremark. Verizon expects to close the tender offer late in the first quarter of 2011.
What They Do: Terremark Worldwide is a leading global provider of IT infrastructure services delivered on the industry's most robust and advanced technology platform
Oplink Communications (Nasdaq: OPLK) $19.32. Today announced its financial results for its second quarter of fiscal 2011, ended December 31, 2010.
Revenues for the quarter were $52.0 million, an increase of 5% over the first quarter of fiscal 2011 and an increase of 59% over the same period of the prior year. GAAP net income for the second quarter of fiscal 2011 was $8.5 million, or $0.41 per diluted share, an increase of 52% over $5.6 million, or $0.28 per diluted share, reported for the first quarter of fiscal 2011 and an increase of 171% over $3.1 million, or $0.14 per diluted share, reported in the same period of the prior year.
What They Do: Oplink is a leading provider of design, integration and optical manufacturing solutions (OMS) for optical networking components, modules and subsystems.
Orbit International Corp. (Nasdaq: ORBT) $3.67. Today announced that its Orbit Instrument Division received an order in excess of $600,000 for data entry panels for the mission control in the E-2 Hawkeye, the all weather carrier-capable Airborne Early Warning (AEW) aircraft, designed to give long-range warning of incoming aerial threats. Deliveries under this contract are expected to commence in the second quarter of 2011 and continue through the fourth quarter of 2011.
From an operating altitude above 25,000 feet, the E-2 Hawkeye provides data on approaching air threats and provides threat identification and positional data to fighter aircraft. The Hawkeye’s secondary roles include strike command and control for all aircraft carrier battle groups, surveillance, guidance of search and rescue missions for naval aviators.
What They Do: Orbit International Corp. is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facilities in Hauppauge, New York, and Quakertown, Pennsylvania; and designs and manufactures combat systems and gun weapons systems, provides system integration and integrated logistics support and documentation control at its facilities in Louisville, Kentucky.
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