ADTRAN Announces Quorum to Approve Business Combination with ADVA Optical Networking SE
ADTRAN, Inc. (NASDAQ: ADTN) today announced that it has achieved a quorum for the Special Meeting of Stockholders to be held at 10:30 a.m. Central Standard Time on Thursday, January 6, 2022, in connection with its proposed business combination with ADVA Optical Networking SE. ADTRAN stockholders who have submitted proxies to date have overwhelmingly voted in support of the business combination, as well as for the other proposals to be voted at the Special Meeting of Stockholders. While stockholders are permitted to change or revoke their proxies before or during the Special Meeting of Stockholders, it is now anticipated that the business combination and other proposals will be approved.
“I am pleased by the large percentage of stockholders that have already submitted proxies in favor of this transaction,” said ADTRAN Chairman and CEO Tom Stanton. “This positive development reinforces our belief that the proposed business combination will benefit both companies and their stockholders as we combine to create a global, scaled, end-to-end fiber networking solutions leader. We are confident the ADVA stockholders will agree and tender the shares necessary for this deal to move forward.”
Stockholders who own shares of ADTRAN as of November 16, 2021, should submit their vote promptly and no later than 11:59 p.m. Eastern Standard Time on January 5, 2022, for shares held directly and January 4, 2022, for shares held in a plan. ADTRAN stockholders who need assistance completing their proxy card, need additional copies of the proxy materials, or have questions regarding the Special Meeting of Stockholders can contact ADTRAN’s proxy solicitor, Morrow Sodali LLC, by phone toll-free at (800) 662-5200 (individuals) or (203) 658-9400 (banks and brokers), or via email at ADTN@investor.morrowsodali.com.
The proxy statement and other documents related to the business combination can be found online at acorn-offer.com. ADTRAN stockholders are encouraged to read the definitive proxy statement as it contains important information about the proposed transaction and the proposals to be voted on at the Special Meeting of Stockholders.
ADTRAN and ADVA intend to combine the two companies and create a leading global, scaled provider of end-to-end fiber networking solutions for communications service provider, enterprise, and government customers. At that time, Acorn HoldCo will be renamed as ADTRAN Holdings.
ADVA shareholders can accept the Voluntary Public Takeover Offer (“Offer”) by tendering their ADVA shares. ADVA shareholders who wish to accept the Offer should contact their respective custodian bank or any other securities services company where their ADVA shares are being held. The initial acceptance period will end at midnight (CET) on 12 January 2022 and, for the combination to be successful, at least 70% of the ADVA shares must be tendered by this time.