Applied Materials shareholders approve proposed merger with Tokyo Electron Applied Materials announced that its stockholders have approved its proposed business combination with Tokyo Electron Limited. Approximately 99% of the shares voting at the Applied Materials special meeting of stockholders voted to adopt the parties' Business Combination Agreement, dated September 24, 2013, as amended. This represents approximately 78% of shares of the company's common stock outstanding as of the May 9 record date for the meeting. Applied Materials expects the transaction to close in the second half of 2014.
Applied Materials assumed with a Conviction Buy at Goldman Goldman Sachs analyst Toshiya Hari assumed Applied Materials with a Conviction Buy rating and $22 price target. The analyst calls Applied Materials his top pick in the semi capital equipment space.