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Technology Stocks : Semi Equipment Analysis

SOXX 295.15

-2.3%

Nov 11 4:00 PM EST

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To: robert b furman who wrote (54913)	12/14/2011 7:10:02 PM
From: Kirk ©	1 Recommendation Read Replies (2) of 95397

Lam Research to buy Novellus Systems for $3.3 billion By Steve Johnson sjohnson@mercurynews.com Posted: 12/14/2011 03:36:17 PM PST Updated: 12/14/2011 03:36:20 PM PST Fremont-based Lam Research on Wednesday announced it has reached a deal to buy Novellus Systems of San Jose in an all-stock transaction valued at about $3.3 billion. The two companies are among the world's biggest makers of equipment used to manufacture microchips. Under the terms of the agreement, Novellus stockholders will receive 1.125 shares of Lam Research common stock for each share of Novellus that they own, in a tax-free exchange. Based on the closing price of Lam's stock on Wednesday, the transaction values Novellus shares at $44.42. When the deal is finalized, Lam and Novellus stockholders will own approximately 59 percent and 41 percent, respectively, of the combined company. "This strategic combination positions Lam Research to lead the development of next-generation semiconductor manufacturing technology and productivity solutions at a time when growing semiconductor demand and increased device complexity are creating significant business opportunities," said Lam CEO Steve Newberry in a statement issued by both companies. "We believe the combination of Lam and Novellus is great news for our customers, investors and employees," added Novellus CEO Richard Hill. "The complementary skills, technologies and product offerings of Lam and Novellus will create a strong platform for delivering innovative and cost-effective solutions." mercurynews.com

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