Verigy (VRGY) says the DOJ's waiting period for its $15/share takeover bid by Advantest (ATE) has expired, clearing the way for a June 17 meeting to get shareholder approval. VRGY +11% premarket to $14.92.
Verigy (VRGY) says a proposal from Advantest (ATE) to acquire all its outstanding shares for $15/share in cash is a "superior offer" to the merger agreement between Verigy and LTX-Credence (LTXC) announced in November. VRGY +10.2%, LTXC -5.3% premarket. (PR)
Verigy (VRGY) is +5.4% on news of its sweetened buyout offer from Advantest (ATE). The acquisition could help the money-losing testing system maker Advantest reduce reliance on the faltering computer memory equipment market. But Verigy's board hasn't made a call yet.
Advantest (ATE) raises its offer for Verigy (VRGY) by 23% to roughly $900M, or $15/share. Verigy's board will consider the offer, but in the meantime its $600M merger deal with LTX-Credence (LTXC) remains in effect. (previously)
Advantest (ATE) is said to be in merger talks with rival Verigy (VRGY), and is trying to break up Verigy's proposed merger with LTX-Credence (LTXC). However, sources say that while Verigy is open to hearing Advantest's proposal, talks aren't going particularly well.
LTX-Credence (LTXC) warns Advantest's (ATE) sudden bid to buy Verigy (VRGY) would face 'extensive' regulatory reviews given existing customer and product overlap. LTX's own proposed buyout would close much sooner, and it plans to protect its rights under that deal. LTX is -11% to $7.52.
Advantest (ATE) propses to acquire Verigy (VRGY) for $12.15/share, a 33% premium to Friday's close. Verigy's board says the Advantest bid is not superior to its proposed merger with LTX-Credence (LTXC), but that it "believes the Advantest proposal might lead to a superior transaction - so it has determined to engage in discussions with Advantest." Premarket: VRGY +37%. LTXC -14%. (PR)
After announcing they will merge into one semiconductor test company, Verigy (VRGY) is -5.7% and LTX Credence (LTXC) is +32.4%. The combo will retain the Verigy name, and benefit from a wider product offering, focusing on the wireless, computer, and entertainment industries.