News Article
Creating a photomask giant
Toppan Printing has entered into a definitive agreement to acquire all of the outstanding shares of DuPont Photomasks for $27.00 in cash per share. The equity value of the transaction is $650mn (JPY71bn) on a diluted basis. Following completion of the transaction, DuPont Photomasks will become a wholly-owned subsidiary of Toppan to be named Toppan Photomasks. The subsidiary will remain headquartered in Round Rock, Texas.
Toppan Printing has entered into a definitive agreement to acquire all of the outstanding shares of DuPont Photomasks for $27.00 in cash per share. The equity value of the transaction is $650mn (JPY71bn) on a diluted basis. Following completion of the transaction, DuPont Photomasks will become a wholly-owned subsidiary of Toppan to be named Toppan Photomasks. The subsidiary will remain headquartered in Round Rock, Texas.
In combination, Toppan and DuPont Photomasks will operate the industry's most extensive global photomask production network spanning China, France, Germany, Japan, Korea, Singapore, Taiwan and the USA.
The boards of directors of both companies have approved the agreement. DuPont Photomasks' largest shareholder, EI du Pont de Nemours and Company ("DuPont"), which owns some 20% of the issued and outstanding shares, has agreed to vote its shares in favour of the transaction. The transaction is subject to regulatory and DuPont Photomasks shareholder approval and is expected to close in early 2005.