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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets! -- Ignore unavailable to you. Want to Upgrade?

To: Q. who wrote (8079)	9/15/1999 11:03:00 PM
From: SemiBull	Respond to of 10921

Photronics To Buy Align-Rite For $115 Mln Stock JUPITER, Fla. (Reuters) - Top U.S. photomask maker Photronics Inc. (Nasdaq:PLAB - news) said Wednesday it would buy Align-Rite International Inc. (Nasdaq:MASK - news) for about $115 million in stock to help it meet the growing demand for prints used to create the tiny circuit patterns on computer chips. Under the terms of the definitive agreement, Photronics would pay Align-Rite shareholders the equivalent of $23.09 per share, giving them about 16 percent of its stock, it said. ``The number of shares...to be exchanged will be determined based upon Photronics's average share value during the 20 days preceding the three days prior to Align-Rite's shareholder meeting,' read a statement. On the Nasdaq market, Photronics ended 3/16 lower at 24-1/4, while Align-Rite of Los Angeles, Calif., went up 1/4 at 14-3/4. Photronics of Jupiter, Fla., said it would sell one million shares that it had bought as part of a repurchase program begun in October, 1998, in order to complete the acquisition. It said it expected to close the deal, to be accounted for as a pooling of interests, in the first quarter of 2000. The acquisition had been unanimously approved by the boards of directors of both companies, it added.