Opnext (OPXT) +12.4% AH to $1.09 after disclosing it received and rejected an unsolicited offer...

|By:, SA News Editor

Opnext (OPXT) +12.4% AH to $1.09 after disclosing it received and rejected an unsolicited offer to buy the company for $1.40/share. Opnext says its board concluded the offer isn't superior to an existing deal to merge with rival optical component vendor Oclaro (OCLR). Oclaro's all-stock offer was worth $1.96/share at the time of the merger announcement, but is worth $0.97/share today. OCLR +2.6%.