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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (40715)	10/9/2008 12:56:37 PM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95566

It looks like a rather interesting situation with ACLS. While there were talks about an acquisition, it is unclear that Sumitomo was ever going to make an offer to ACLS. This is from an article I found. <<Sumitomo fails to make offer for Axcelis According to an SEC filing, rather than through a press release, Axcelis has stated that Sumitomo Heavy Industries (SHI), would not be making an official bid for the company after a period of due diligence. A confidentiality agreement had been signed in June, 2008, so that meetings could take place. According to the SEC filing, SHI had wanted to extend the time and seek further information before a proposal to acquire the company would need to be made. After a further requested extension period was requested by SHI, but refused by Axcelis, with management doubting SHI would ever make a proposal. On September 4, SHI informed Axcelis that SHI would not make a definitive acquisition proposal and was placing discussions regarding the acquisition of Axcelis ‘on hold.’ However, Axcelis has not agreed to this ‘on hold’ position and so the potential deal is now terminated. Talks concerning the joint venture SEN, between the two companies is a separate matter and discussions will need to be conducted separately, with Axcelis hoping these can be done in private.>> fabtech.org I hope your outlook on the stock comes true and a nice recovery is in the future. Maybe another suitor will come along? Don

To: The Ox who wrote (40715)	10/9/2008 1:20:01 PM
From: TobaccoMan	Read Replies (1) \| Respond to of 95566

Hello Ox, Did ACLS ever do anything with their convertible debt due in January 2009? TM

To: The Ox who wrote (40715)	10/10/2008 1:15:30 PM
From: EACarl	Read Replies (1) \| Respond to of 95566

ACLS isn't as pretty as a ~$4 tangible equity per share sounds. 1st there's about $241 million of that are NOT current assets. 2nd, essentially all the remaining net tangible equity is the inventory, since the non-inventory portion of current assets is about equal to current liabilities. ACLS is in a very difficult position liquidity wise. Their future seems dependant on them successfully refinancing the ~$80 million debt due. After that, it's a function of working off an obscene backlog of inventory for which we don't know how much might have to be written off. Very poor management. That said, they are not insolvent, so perhaps even in a BK, there is some value based on the current quote.