Speedfam [SFAM] Lovers Unite ! Message Board

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Technology Stocks : Speedfam [SFAM] Lovers Unite !

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To: SemiBull who wrote (3734)	9/6/2002 7:57:43 AM
From: SemiBull	Read Replies (1) of 3736

Novellus/SpeedFam-IPEC -2: Deal Worth $220 Million Thursday September 5, 12:07 pm ET WASHINGTON -(Dow Jones)- Novellus Systems Inc. (NasdaqNM:NVLS - News) received antitrust clearance from the Federal Trade Commission for its proposed acquisition of SpeedFam-IPEC . The FTC said Thursday that it granted the companies early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act. On Aug. 12, Novellus Systems signed a definitive agreement to acquire SpeedFam-IPEC 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 0.1818 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. Both companies' boards approved the transaction. The deal, scheduled to formally close in the fourth quarter, still needs SpeedFam shareholder approval. Novellus shareholder approval isn't required. -By Ben Siegel, Dow Jones Newswires; 202-628-7689

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