Business Services Industry
Solectron Announces Settlement of Remaining Adjustable Conversion-Rate Equity Security Units
Business Wire, Nov 15, 2004
MILPITAS, Calif. -- Solectron Corporation (NYSE:SLR), a leading provider of electronics manufacturing and supply chain services, today announced the settlement of the remaining Adjustable Conversion-Rate Equity Security (ACES) units that were not tendered in the exchange offer completed on May 12, 2004.
According to the terms of the ACES, Solectron will receive approximately $64 million for the conversion of 2,570,798 ACES units into 6,551,421 shares of common stock. The settlement rate will be 2.5484 shares of the company's common stock per ACES unit. Fractional shares will be paid in cash. The settlement completes the company's equity obligations under the Equity Security Units.
This transaction affects the holders of record as of Nov. 12, 2004 and is effective on Nov. 15, 2004.
About Solectron
Solectron (www.solectron.com) provides a full range of worldwide manufacturing and integrated supply chain services to the world's premier high-tech electronics companies. Solectron's offerings include new-product design and introduction services, materials management, product manufacturing, and product warranty and end-of-life support. The company is based in Milpitas, Calif., and had sales from continuing operations of $11.64 billion in fiscal 2004.
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