News Article
Novellus Systems Has Agreed To Buy All Outstanding Shares Of SpeedFam-IPEC
Novellus Systems has agreed to buy all outstanding shares of SpeedFam-IPEC
in a stock-for-stock merger. Novellus will also assume all of
SpeedFam-IPEC's 6.25% Convertible Subordinated Notes due 2004, totaling
$115mn. The transaction is valued at $220mn. Speedfam-IPEC produces chemical
mechanical planarisation (CMP) systems. The acquired company will become a
new product group for Novellus. SpeedFam-IPEC has worked with Novellus on
copper interconnect processing as part of the Damascus Alliance. The
transaction has been approved by the board of directors of both companies
and is expected to formally close in Q4 2002 following SpeedFam-IPEC
shareholder approval. Novellus shareholder approval is not required.
Novellus Systems has agreed to buy all outstanding shares of SpeedFam-IPEC
in a stock-for-stock merger. Novellus will also assume all of
SpeedFam-IPEC's 6.25% Convertible Subordinated Notes due 2004, totaling
$115mn. The transaction is valued at $220mn. Speedfam-IPEC produces chemical
mechanical planarisation (CMP) systems. The acquired company will become a
new product group for Novellus. SpeedFam-IPEC has worked with Novellus on
copper interconnect processing as part of the Damascus Alliance. The
transaction has been approved by the board of directors of both companies
and is expected to formally close in Q4 2002 following SpeedFam-IPEC
shareholder approval. Novellus shareholder approval is not required.
in a stock-for-stock merger. Novellus will also assume all of
SpeedFam-IPEC's 6.25% Convertible Subordinated Notes due 2004, totaling
$115mn. The transaction is valued at $220mn. Speedfam-IPEC produces chemical
mechanical planarisation (CMP) systems. The acquired company will become a
new product group for Novellus. SpeedFam-IPEC has worked with Novellus on
copper interconnect processing as part of the Damascus Alliance. The
transaction has been approved by the board of directors of both companies
and is expected to formally close in Q4 2002 following SpeedFam-IPEC
shareholder approval. Novellus shareholder approval is not required.