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Subsequent Event - Announcement of the Acquisition of Newport Corporation | 12 Months Ended
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Dec. 31, 2015
Subsequent Events [Abstract] |
Subsequent Event - Announcement of the Acquisition of Newport Corporation |
24) | Subsequent Event - Announcement of the Acquisition of Newport Corporation
On February 23, 2016, the Company announced that it had signed a definitive merger agreement to acquire Newport Corporation (“Newport”), a worldwide leader in photonics solutions. Pursuant to the merger agreement, the Company agreed to pay $23.00 per share in cash for all of the outstanding shares of Newport, for total cash consideration of approximately $980,000. The Company intends to fund the transaction with a combination of available cash on hand and up to $800,000 in committed debt financing. In addition, the Company entered into a commitment letter to obtain a $50,000 asset-based revolving credit facility for working capital purposes, as needed. The acquisition is expected to close in the second quarter of 2016, subject to customary closing conditions.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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