Flextronics and International DisplayWorks, Inc. announce exchange ratio
Nov 23, 2006
Flextronics International Ltd. (Nasdaq: FLEX) and International DisplayWorks, Inc. (Nasdaq: IDWK) announced that the exchange ratio for Flextronics's proposed acquisition of IDW will be 0.5653.
The exchange ratio represents the fraction of a Flextronics ordinary share that will be exchanged for each share of IDW common stock held by IDW stockholders upon the closing of the proposed acquisition. The exchange ratio was calculated by dividing $6.55 by $11.5865, the average per-share closing price of Flextronics's ordinary shares on the Nasdaq Global Select Market during the 20 consecutive trading days ending today (the fifth trading day before November 30, 2006, the currently scheduled closing date of the proposed acquisition).
A special meeting of IDW stockholders will be held on November 28, 2006 to approve the proposed acquisition. The exchange ratio calculation assumes that the closing of the proposed acquisition will take place as currently scheduled and is subject to change if for any reason the closing does not occur on the scheduled date.