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Sumitomo increases price and makes further bid for Axcelis
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Sumitomo Heavy Industries’ unsuccessful bid
for Axcelis valued the company at approximately $544 million, or $5.20
per share in early February. A revised proposal has been released,
which sees the offer increase to $6.00 per cash share, or approximately
$630 million.
Commenting on the share price increase in a letter addressed to the Axcelis Board, Yoshio Hinoh, Chairman of Sumitomo Heavy Industries, Ltd. had the following to say:
“We firmly believe this is a
full and fair price, and our proposal provides Axcelis shareholders a
unique opportunity to immediately receive value superior to what
Axcelis would be able to achieve on its own.
We do not intend to
increase our price again. We have revised our proposal because we
strongly believe bringing our companies together quickly is in the best
interest of all involved, including Axcelis and its stockholders,
employees, and customers.”