After the close of the US stock market on the 14th, Lam Research Corp., a maker of semiconductor etching machines, announced the acquisition of Novellus Systems, Inc., a semiconductor equipment maker, for $3.3 billion in Equivalent Shares. . Shares of Novellus Systems, a Philadelphia semiconductor index stock, fell 1.73% to close at $34.70 on the 14th, and soared 20.09% to close at $41.67. Philadelphia Semiconductor Index constituent Colin dropped 1.74% to close at $39.48 on normal trading on the 14th, followed by a fall of 4.71% to $37.62.
Colin pointed out that the combined new company (name is still Lam Research Corp.) is expected to recognize an annualized cost synergy of US$100 million in the fourth quarter of 2013.
Colin also announced that the company will spend US$1.6 billion to buy back its own company's common stock in the 12 months following the completion of the above merger and acquisition project, which is expected to complete all legal procedures in the second quarter of 2012.
Novellus shareholders will be able to exchange 1 share for 1.125 shares of Lam Research common stock. Based on the closing price of Lam Research on December 14, 2011, Novellus' share price is equivalent to US$44.42 per share.
Integrated Component Factory (IDM) and wafer foundry are major customers for Colin. DRAM and NAND flash memory vendors are the main source of Novellus.
The International Semiconductor Equipment Materials Association (SEMI) announced on November 17 that in October 2011, the book-to-bill ratio of semiconductor equipment manufacturers in North America was initially estimated to be 0.74, which was the lowest in the 13th consecutive month. In September of this year, the BB value was revised down from the originally announced 0.75 to 0.71 (a new low since April 2009).
Colin pointed out that the combined new company (name is still Lam Research Corp.) is expected to recognize an annualized cost synergy of US$100 million in the fourth quarter of 2013.
Colin also announced that the company will spend US$1.6 billion to buy back its own company's common stock in the 12 months following the completion of the above merger and acquisition project, which is expected to complete all legal procedures in the second quarter of 2012.
Novellus shareholders will be able to exchange 1 share for 1.125 shares of Lam Research common stock. Based on the closing price of Lam Research on December 14, 2011, Novellus' share price is equivalent to US$44.42 per share.
Integrated Component Factory (IDM) and wafer foundry are major customers for Colin. DRAM and NAND flash memory vendors are the main source of Novellus.
The International Semiconductor Equipment Materials Association (SEMI) announced on November 17 that in October 2011, the book-to-bill ratio of semiconductor equipment manufacturers in North America was initially estimated to be 0.74, which was the lowest in the 13th consecutive month. In September of this year, the BB value was revised down from the originally announced 0.75 to 0.71 (a new low since April 2009).
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