News Article
SEZ welcomes planned acquisition by Lam Research
The SEZ Group has announced that its Board of Directors has signed a binding transaction agreement with Lam Research Corporation, headquartered in
Fremont, Calif., U.S.
In line with the transaction agreement, Lam Research intends to launch a public tender offer for all outstanding shares of SEZ at Swiss Francs (CHF) 38.00 per SEZ registered share.
After a thorough review of the proposed transaction, SEZ's Board of Directors has unanimously concluded that the planned acquisition by Lam Research is in the best interest of all SEZ stakeholders and will positively benefit the sustainable development of SEZ's leading market position.
The Board of Directors, therefore, fully supports the proposed tender offer. The offer shows an attractive premium of 53.8% to the volume-weighted average share price over the past 60 trading days. Full details of the tender offer will be disclosed in the offer document, expected to be published in early January 2008. The offer is expected to close in March 2008.
Both companies serve a common customer base, providing leading and complementary technologies and solutions. The combination is aimed at creating a true technology and market leader in the single-wafer cleaning market, providing semiconductor manufacturers with the best-of-breed, comprehensive technology portfolio required to meet their future manufacturing needs.
Delivering a broader equipment portfolio will also accelerate future growth and innovation. Under the terms of agreement, following the transaction's closure, SEZ will become a new division within Lam with capabilities focused around
single-wafer cleaning technology. The entire SEZ executive team has committed to remain with the company.
