SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : Novellus
NVLS 2.400+2.1%Jul 24 5:00 PM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Proud_Infidel who wrote (3369)8/12/2002 8:19:13 AM
From: Proud_Infidel  Read Replies (1) of 3813
 
Novellus To Acquire SpeedFam-IPEC, Inc.

SAN JOSE -(Dow Jones)- Novellus Systems Inc (NasdaqNM:NVLS - News). signed a definitive agreement to acquire SpeedFam-IPEC Inc (NasdaqNM:SFAM - News). in a stock-for-stock merger and will assume SpeedFam's 6 1/4% convertible subordinated nodes due 2004 totaling $ 115 million.

Each share of SpeedFam-IPEC common stock outstanding will convert into 0.818 of a Novellus common share on a fixed-exchange ratio basis. With the purchase of stock and the assumption of net debt, the deal has a value of about $220 million, wafer-fabrication-system maker Novellus said in a press release Monday.

Shares of Novellus closed Friday at $27.02, down 58 cents, or 2.1%, in Nasdaq trading. Shares of SpeedFam-IPEC closed at $2.85, down 7 cents, or 2.4%. SpeedFam has about 30.6 million shares outstanding, while Novellus has 145.2 million shares outstanding.

Novellus said the acquisition gives it an entry into the growing market for chemical mechanical planarization systems, a critical enabling technology as the industry moves toward copper damascene manufacturing processes. SpeedFam makes these chemical mechanical planarization systems.

Novellus expects the transaction to add to its earnings on a per-share basis by the third calendar quarter of 2003. A Thomson First Call survey of 15 analysts produced a mean earnings estimate of 29 cents a share for that period.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News