Verigy Announces Receipt of Unsolicited Proposal From Advantest
Reiterates Commitment to LTX-Credence Transaction
Announces Intention to Enter Discussions With Advantest
Press Release Source: Verigy, Ltd. On Monday December 6, 2010, 7:00 am EST
finance.yahoo.com
CUPERTINO, CA--(Marketwire - 12/06/10) - Verigy Ltd. (NASDAQ:VRGY - News) today announced that it has received an unsolicited proposal from Advantest Corporation (NYSE:ATE - News) to acquire all of the outstanding Verigy ordinary shares for $12.15 per share in cash.
The Verigy Board has reviewed the Advantest proposal and determined that it is not superior to Verigy's pending transaction with LTX-Credence (NASDAQ:LTXC - News). However, the Verigy Board believes the Advantest proposal might lead to a superior transaction so it has determined to engage in discussions with Advantest. There can be no assurances that any definitive agreement or transaction will result from the Advantest proposal or Verigy's discussions with Advantest.
The Verigy Board continues to believe in the compelling strategic and financial merits of its proposed transaction with LTX-Credence, and continues to recommend the LTX-Credence transaction to its shareholders. The Verigy Board is not withdrawing its recommendation with respect to the LTX-Credence transaction, or proposing to do so, and is not making any recommendation with respect to the Advantest proposal.
A copy of Advantest's proposal to Verigy will be filed with the Securities and Exchange Commission.
Morgan Stanley is acting as financial advisor to Verigy. Wilson Sonsini Goodrich & Rosati is acting as Verigy's U.S. legal counsel and Allen & Gledhill is acting as Verigy's Singapore counsel.
About Verigy
Verigy provides advanced semiconductor test systems and solutions used by leading companies worldwide in design validation, characterization, and high-volume manufacturing test. Verigy offers scalable platforms for a wide range of system-on-chip (SOC) test solutions, and memory test solutions for Flash, DRAM including high-speed memories, as well as multi-chip packages (MCP). Verigy also provides advanced analysis tools that accelerate design debug and yield ramp processes. Additional information about Verigy can be found at www.verigy.com. |
