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News Breaks | | | | October 17, 2012 | | 05:09 EDT |  | ASML, CYMI | ASML to acquire Cymer to accelerate development of EUV technology
ASML Holding NV (ASML) and Cymer (CYMI) announce that they have entered into a definitive agreement under which ASML will acquire all outstanding shares of Cymer in a cash-and-stock transaction currently valued at EUR1.95B. The purpose of the acquisition of Cymer is to accelerate the development of Extreme Ultraviolet, or EUV, semiconductor lithography technology. ASML and Cymer have collaborated closely for over a year, and this merger is the natural evolution of their existing cooperation in developing EUV technology. The transaction, which was unanimously approved by the boards of directors of ASML and Cymer, would entitle each Cymer shareholder to receive $20.00 in cash and a fixed ratio of 1.1502 ASML ordinary shares per Cymer share. The total price reflects a premium of 61 percent over Cymer's 30-day volume-weighted average price, or VWAP, and 52% over its 90-day VWAP, using ASML’s VWAP for the comparable period ending Oct. 16. The transaction is expected to close in the 1H of 2013 and is subject to customary closing conditions. Excluding non-cash purchase price accounting adjustments, the transaction is expected to be accretive to ASML's EPS in the second year after closing. | |
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