News Article
Coherent Goes For 100% Of Lambda Physik
Coherent Holding is making a tender offer to the shareholders of Lambda Physik for the 39.6% (5.25mn) of the outstanding shares that Coherent does not already own. Lambda Physik produces excimer lasers used in deep ultraviolet lithography (KrF, ArF, F2).
Coherent is offering EUR9.25 cash for each ordinary share of Lambda representing a premium of 46% over the closing price of Lambda shares on the Frankfurt Stock Exchange on April 17, 2003, and a premium of 71% over the last 30-day average closing price.
Coherent Holding is making a tender offer to the shareholders of Lambda Physik for the 39.6% (5.25mn) of the outstanding shares that Coherent does not already own. Lambda Physik produces excimer lasers used in deep ultraviolet lithography (KrF, ArF, F2).
Coherent is offering EUR9.25 cash for each ordinary share of Lambda representing a premium of 46% over the closing price of Lambda shares on the Frankfurt Stock Exchange on April 17, 2003, and a premium of 71% over the last 30-day average closing price.
The tender offer will be contingent upon Coherent obtaining 95% of Lambda's registered share capital (inclusive of shares already owned by Coherent) with the intention of a subsequent squeeze-out and de-listing. The management and supervisory boards of Lambda both support the offer.
Coherent has been the majority shareholder of Lambda since 1981. The official tender offer is expected to commence by the beginning of June 2003 following approval of the German federal financial supervisory authority and will remain open for six weeks thereafter. The formal completion of the entire transaction is expected by the end of July 2003.
Coherent is offering EUR9.25 cash for each ordinary share of Lambda representing a premium of 46% over the closing price of Lambda shares on the Frankfurt Stock Exchange on April 17, 2003, and a premium of 71% over the last 30-day average closing price.
The tender offer will be contingent upon Coherent obtaining 95% of Lambda's registered share capital (inclusive of shares already owned by Coherent) with the intention of a subsequent squeeze-out and de-listing. The management and supervisory boards of Lambda both support the offer.
Coherent has been the majority shareholder of Lambda since 1981. The official tender offer is expected to commence by the beginning of June 2003 following approval of the German federal financial supervisory authority and will remain open for six weeks thereafter. The formal completion of the entire transaction is expected by the end of July 2003.