Axcelis, Sumitomo, TPG announce confidentiality agreement

By Lisa Kerner

Charlotte, N.C., June 6 - Axcelis Technologies, Inc. said it entered into a confidentiality agreement with Sumitomo Heavy Industries Ltd. and TPG Capital.

The companies intend to begin discussions "promptly," according to a brief statement released by Axcelis on Friday.

There can be no assurance that the discussions will result in any transaction, Axcelis cautioned.

It was previously reported that Axcelis and Sumitomo, which each have a 50% stake in their Japanese joint venture SEN, had been in merger discussions off and on since July 2006.

In March, Axcelis' board unanimously rejected a revised and unsolicited proposal by Sumitomo and its private equity partner, TPG, to acquire the company for $6.00 per share.

Axcelis also unanimously rejected an unsolicited proposal by Sumitomo, a Tokyo integrated manufacturer, and TPG to acquire the company for $5.20 per share in February.

Based in Beverly, Mass., Axcelis makes semiconductor manufacturing equipment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.