UPDATE 2-Aixtron sees Genus takeover closing this quarter
Wed Feb 9, 2005 11:17 AM ET
(Rewrites, adding company spokesman's comment, updates shares)
FRANKFURT, Feb 9 (Reuters) - German semiconductor equipment maker Aixtron (AIXG.DE: Quote, Profile, Research) hopes to complete its planned 75 million euro ($96 million) takeover of U.S. peer Genus this quarter after receiving approval for the deal from the Genus board of directors.
The board will recommend the all-share deal to a special meeting of Genus (GGNS.O: Quote, Profile, Research) shareholders, which has been called for March 10, Aixtron said in a statement on Wednesday.
It added that the U.S. Securities and Exchange Commission had declared the company's F-4 registration statement effective, which is required for the deal to go through.
A company spokesman said Aixtron hoped to complete the takeover, originally planned to close by the end of 2004, by the end of March.
Aixtron's takeover plans were delayed by opposition from some of its own shareholders, who launched legal action against a capital hike of 27 million shares that Aixtron plans to issue to finance the merger -- a share increase of 42 percent.
Aixtron said last month it had settled all the lawsuits.
Speaking by telephone from California, where Genus is based, the spokesman declined to say what effect the delay would have on Aixtron's sales and earnings.
Aixtron, the world's leading maker of machines to plate wafers for LED (light-emitting diode) chips used in laptop computers and phone displays, is offering Genus shareholders 0.51 of its planned U.S. listed shares per Genus share.
By 1537 GMT, Aixtron shares were down 1.6 percent to 3.69 euros, underperforming a 0.4 percent weaker German technology TecDAX index , while Genus shares rose 6.5 percent to $2.30 in New York.
On the basis of the Aixtron share price, the deal was worth 75 million euros, or $2.40 per Genus share.
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