ADVA Optical Networking announced that a majority of the shares of MRV Communications, Inc. were validly tendered and the other conditions to the tender offer have been satisfied. American Stock Transfer & Trust Company LLC, the depositary for the tender offer, has indicated that as of midnight EDT, Friday, August 11, 2017, a total of 5,296,053 shares of MRV Communications, Inc.'s common stock, or approximately 79% of the total number of shares issued and outstanding, have been validly tendered into and not properly withdrawn from the tender offer. The depositary has indicated that no shares were tendered pursuant to the guaranteed delivery procedures set forth in the Offer to Purchase.
The acquisition of MRV Communications, Inc. will be consummated by ADVA Optical Networking on Monday, August 14, 2017. ADVA Optical Networking will consummate the acquisition of the remaining MRV Communications, Inc. shares of common stock not acquired in the tender offer through a merger pursuant to Section 251(h) of the General Corporation Law of the State of Delaware. As a result of such merger, MRV Communications, Inc. will become an indirect wholly-owned subsidiary of ADVA Optical Networking and MRV Communications, Inc. shares will no longer be traded on the NASDAQ Stock Market.