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Flextronics and Solectron Announce Preliminary Results of Elections for Merger Consideration

Friday September 28, 12:47 am ET MILPITAS, Calif., and SINGAPORE, Sept. 28 /PRNewswire-FirstCall/ -- Flextronics International Ltd. (Nasdaq: FLEX - News) and Solectron Corporation (NYSE: SLR - News) today announced preliminary results for the elections made by Solectron stockholders regarding the form of merger consideration they will receive in the pending acquisition of Solectron by Flextronics. Pursuant to the terms of the merger agreement, Solectron stockholders were entitled to elect to receive either 0.3450 of a Flextronics ordinary share or $3.89 in cash for each share of Solectron common stock, subject to proration due to minimum and maximum limits on the amount of stock consideration and cash consideration. The election deadline expired at 5:00 p.m., EST, on September 27, 2007.

The exchange agent for the transaction, Computershare Shareholders Services, Inc., has calculated that of the 918,360,722 shares of Solectron common stock outstanding as of September 27, 2007:
The allocation of the consideration to be received by holders of Solectron common stock may change based upon the elections that were made subject to guaranteed delivery. The final allocation will be announced after the close of business on October 2, 2007.

Flextronics expects to pay approximately $1.07 billion in cash and issue approximately 221.8 million Flextronics ordinary shares upon consummation of the merger. No fractional Flextronics ordinary shares will be issued in the merger...

The merger is scheduled to close on October 1st, 2007. This is quicker than I had expected.
I'm not sure how long it will take for the stock price to start moving upward, but I still am hopeful that good results will be forthcoming...

JT :-)
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