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Sumitomo hikes offer in bid to acquire Axcelis

Posted: 12 Mar 2008 ?? ?Print Version ?Bookmark and Share

Keywords:Sumitomo TPG acquire? Axcelis rejected? Japan?

Japan's industrial machine manufacturer Sumitomo Heavy Industries Ltd (SHI), together with private equity partner TPG, has revised its proposal to acquire semiconductor processing equipment solution provider Axcelis Technologies Inc. From the previously announced proposal of $5.20 per share, SHI increased the offer price to $6.00 per share in case. The revised proposal, which values Axcelis at $630 million, represents a 48.5 percent premium to Axcelis' closing share price of $4.04 on Feb. 8, 2008, the last trading day before SHI's initial proposal was made public.

Axcelis on Feb. 25 rejected the unsolicited proposal by SHI and TPG.

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