Lam Research (LRCX) agrees to acquire Novellus Systems (NVLS) in an all-stock transaction valued...

|About: Lam Research Corporation (LRCX)|By:, SA News Editor

Lam Research (LRCX) agrees to acquire Novellus Systems (NVLS) in an all-stock transaction valued at $3.3B. NVLS shareholders will receive 1.125 shares of LRCX for each of their shares, valuing NVLS at $44.42/share, or ~12.5% above its closing price today. Lam also announces a $1.6M common stock repurchase program. NVLS +10.2% before trading halted, LRCX -3% AH.