Merger or acquisition discussions may be underway. The company seems to be trying to raise the ante and make sure they don't sell too cheaply via their statement in the final paragraph.
SEMX Signs Letter of Intent to Sell Netherlands Operations
ARMONK, N.Y., Jan. 28 /PRNewswire-FirstCall/ -- SEMX Corporation, (Nasdaq: SEMX - news), (the ``Corporation''), announced that, consistent with its decision to exit the wafer reclaim services business, it has entered into a letter of intent with an undisclosed party to sell the stock of American Silicon Products, B.V. (``ASP BV''), its European based wafer reclaim services operation which is located in the Netherlands. Terms of the letter of intent were not disclosed and are subject to the completion of due diligence and requisite approvals. Although there can be no assurance that a definitive agreement can be reached or the transaction consummated, it is expected that it will take approximately 60-90 days to complete the transaction. The Corporation previously announced that it had entered into a letter of intent to sell its domestic wafer reclaim operation.
Frank Polese, President and Chief Executive Officer of the Corporation, commented, ``The signing of this additional letter of intent reinforces Management's commitment to focus on SEMX's core business -- proprietary thermal management materials, microelectronic ceramic packages and interconnect products for critical microelectronic component manufacturers and assemblers.''
Separately, the Corporation announced that it has become aware of rumors that it is in discussions regarding a possible strategic combination. Gilbert Raker, Chairman of the Corporation, stated, ``The Corporation from time to time engages in discussions with other parties with regard to possible strategic combinations. If and when any such discussions lead to a definitive agreement that is deemed by the Board of Directors to be in the best interests of SEMX's stockholders, the Corporation will announce the same. With respect to any such discussions, it is important to keep in mind that there is no assurance that any such discussions will lead to a definitive agreement or that the conditions necessary for confirmation can be achieved.'' |
