LINTHICUM, Md., June 20 -- Ciena Corp. and ONI Systems Corp. said their shareholders have approved the proposed merger of the companies and expect the transaction to be effective June 21. ONI's stock will trade through June 21.
The companies said they will immediately take steps to "eliminate functional redundancies and achieve the operational cost synergies anticipated" as a result of the merger. They said they expected to reduce their combined workforce by approximately 225 employees, effective Wednesday. An additional 110 employees will leave in the next three months after assisting with the integration transition.