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Wednesday, Jun 7, 2023

Court: No Quick Trial on OCP

A chancery court judge denied a request by Oplink Communications to expedite its lawsuit challenging a “poison pill” provision by Optical Communications Products to protect its minority shareholders from a buyout. Oplink had sought a June trial on the matter. On May 17, the Delaware Court of Chancery denied the request, stating that Oplink failed to meet the legal requirements under Delaware law for obtaining an expedited agreement. Fremont-based Oplink agreed in April to acquire a majority share in Woodland Hills-based OCP from the Furukawa Electric Co. and subsequently offered to buy the remaining shares of the company. The board of directors of OCP in response passed a “poison pill” provision declaring a dividend distribution to stave off the buyout.

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