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Investor reacts to Sumitomo's offer for Axcelis
By Lisa Kerner
Charlotte, N.C., Feb. 11 - Sterling Capital Management LLC, one of Axcelis Technologies, Inc.'s largest shareholders, said Sumitomo Heavy Industries, Ltd.'s offer for the company is "a meaningful first step" in seeking consolidation opportunities in the semiconductor capital equipment industry.
The investor made the remarks in a Feb. 11 letter to the company included in a schedule 13D filing with the Securities and Exchange Commission.
Sumitomo proposed acquiring Axcelis for $5.20 per share. Axcelis said it would review the offer, a company news release stated.
Axcelis and Sumitomo have a long-term joint venture in SEN Corp., a Japanese corporation.
"We strongly encourage Axcelis' board to fully engage Sumitomo and work to determine if a combination is appropriate," the investor said, adding that the company should also solicit interest from other parties that may also want to partner with Axcelis.
Sterling has a 12% stake in the Beverly, Mass.-based company. Axcelis makes semiconductor manufacturing equipment.
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