LTX, Credence Systems merger closes; LTX-Credence to begin trading Tuesday

By Lisa Kerner

Charlotte, N.C., Aug. 29 - LTX Corp. and Credence Systems Corp. completed their previously announced merger of equals to form LTX-Credence Corp.

LTX-Credence will begin trading on the Nasdaq Global Market under the new symbol "LTXC" beginning Tuesday, a Credence news release said. Credence shares ceased trading on Friday.

Under the companies' merger agreement, Credence stockholders received 0.6129 shares of LTX-Credence common stock for each share of Credence common stock they own.

Former Credence stockholders hold 50.02% of the outstanding shares of the combined company, and pre-merger LTX stockholders hold the remaining 49.98%.

"We believe that the combined company's financial strength, operational efficiency and growth opportunities will allow us to deliver superior value to our stockholders," Dave Tacelli, chief executive officer and president of LTX-Credence, said in the release.

"Our customers will benefit from our broad portfolio of technologies, the largest installed base in the Asia-Pacific region, and an unmatched global network of applications and support resources," Tacelli added.

LTX-Credence, based in Milpitas, Calif., provides automated test equipment solutions to the wireless, computing, automotive and entertainment markets.

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