By Maria Armental

Corning Inc. has made a $350 million offer for Alliance Fiber Optic Products Inc., a deal that would expand its presence in Asia and strengthen cloud data-center market position.

Under the terms of the deal, Corning would pay $18.50 a share, a 20% premium over Thursday's $15.46 closing.

Corning said the deal, expected to close in the second quarter, would add to per-share profit during the first year.

Alliance Fiber Optic, based in Sunnyvale, Calif., makes fiber-optic parts for the communications-equipment industry. Some of those components are already used in a number of Corning's products.

Corning makes specialty-glass products, including Pyrex cookware and scratch- and crack-resistant Gorilla Glass for smartphones.

Alliance Fiber Optic's shares surged 24% to $19.15 in after-hours trading. Corning's shares, inactive after-hours, closed Thursday at $20.66, down 6% over the past 12 months.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

April 07, 2016 20:21 ET (00:21 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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