Applied Materials accepts 94% of Semitool's stock in tender offer

By Lisa Kerner

Charlotte, N.C., Dec. 18 - Applied Materials, Inc. said it expects to effect a second-step merger to complete its acquisition of Semitool, Inc. by Monday.

According to Applied Materials, it accepted for purchase 31,222,684 shares, or 94% of Semitool's outstanding stock, tendered in its $11-per-share cash tender offer that ended on Thursday.

As previously reported, Semitool agreed to be acquired by Applied Materials for $364 million.

"Semitool is a strategic fit for Applied that strengthens our ability to address two important, high-growth markets in the semiconductor industry," Dr. Randhir Thakur, senior vice president and general manager of Applied's silicon systems group, said in a company news release.

"Our enhanced product lineup will provide customers with the broadest range of manufacturing solutions for both chip fabrication and packaging to meet the accelerating demand for more powerful, sophisticated and cost-effective devices."

Semitool, based in Kalispell, Mont., supplies electrochemical plating and wafer surface preparation equipment to chip-packaging and chip-making companies.

Applied Materials is a Santa Clara, Calif., manufacturer of semiconductor equipment.

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