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Sumitomo acquires P-OLED pioneer for $258M

Posted: 25 Sep 2007 ?? ?Print Version ?Bookmark and Share

Keywords:acquisition? P-OLED? merger?

Sumitomo Chemical Co. announced it has completed its $285 million acquisition of polymer OLED (P-OLED) pioneer Cambridge Display Technology Inc. (CDT) by means of a merger between CDT and a wholly owned subsidiary of Sumitomo Chemical.

The merger consideration represents a 107 percent premium over CDT's 90-day average closing share price and a 95 percent premium over CDT's closing share price of $6.15 on July 30, the last trading day prior to first public announcement of the acquisition.

Holders of over 73 percent of CDT's outstanding common shares have approved the merger and all customary closing conditions have been satisfied. As a result of the merger, CDT's common stock will no longer be publicly traded and will be converted into the right to receive $12 per share in cash.

Sumitomo Chemical and CDT have been working closely since 2002 and formed a joint venture in 2005 to develop, manufacture and sell P-OLED materials.

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