MRV Communications (MRVC) Shares Plunge after News of Closing
Share prices for MRV Communications (NASDAQ: MRVC) tumbled more than 13 percent this morning after the company announced along with its subsidiary, Luminent Inc., has closed on its previously acquired company Fiberxon.According to the press release, the former stockholders of Fiberxon will be entitled to "receive a combination of cash, shares or MRV common stock, and a deferred consideration payment" with MRV assuming "all outstanding options to purchase shares of Fiberxon common stock." In addition, MRV intends to combine Fiberxon with Luminent and will operate the business under a single management team. MRV outlined the reasons for Fiberxon's closing rather…