Flextronics acquisition of Solectron on track to close Oct. 1

By Lisa Kerner

Charlotte, N.C., Sept. 5 - Solectron Corp. stockholders have until 5 p.m. ET on Sept. 27 to elect their merger consideration under the agreement with Flextronics International Ltd. Stockholders can elect to receive either 0.345 of a Flextronics ordinary share or $3.89 in cash, without interest, for each share of Solectron common stock, subject to proration.

Non-electing stockholders will receive all cash, all Flextronics ordinary shares or a combination of cash and Flextronics ordinary shares, a form 8-K filing with the Securities and Exchange Commission stated.

Exchangeable shares of Solectron Global Services Canada Inc. will be automatically exchanged for shares of Solectron common stock, on a one-for-one basis, under the merger agreement.

Merger requirements are satisfied in Canada, China, the European Union, Mexico, Turkey, Ukraine and the United States, with pending notifications in Brazil and Singapore. Satisfaction of the requirements will not affect the transaction's close, now expected on Oct. 1.

It was previously reported that Flextronics and Solectron shareholders will vote on the companies' proposed merger at separate meetings on Sept. 27. On June 4, Flextronics announced a definitive agreement to acquire Solectron for some $3.6 billion.

Flextronics is an electronics manufacturing services provider based in Singapore.

Located in Milpitas, Calif., Solectron offers collaborative design and new product introduction, supply chain management, lean manufacturing and aftermarket services.

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