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Electro Scientific Industries, Zygo call off merger plans
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Photonics and laser systems provider Electro Scientific Industries and metrology and optics toolmaker Zygo have called off merger plans between the two companies.
As part of the termination of the original agreement, ESI receives a break-up fee of $5.4 million relating to the Zygo board's withdrawal of its recommendation in favor of the merger. Zygo will also be required to pay an additional $1.2 million in the event that it announces within the next six months that its board has approved an alternative transaction proposal for the sale of its business. In addition, ESI and ZYGO each exchanged mutual general releases.
Both Bruce Robinson, Zygo's chairman/CEO, and Nicholas Konidaris, ESI's president/CEO, expressed hope that the two companies will be able to explore ways of working together in the future.