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Sumitomo fails to make offer for Axcelis
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According to an SEC filing, rather than through a press release, Axcelis has stated that Sumitomo Heavy Industries (SHI), would not be making an official bid for the company after a period of due diligence.
A confidentiality agreement had been signed in June, 2008, so that meetings could take place. According to the SEC filing, SHI had wanted to extend the time and seek further information before a proposal to acquire the company would need to be made. After a further requested extension period was requested by SHI, but refused by Axcelis, with management doubting SHI would ever make a proposal.
On September 4, SHI informed Axcelis that SHI would not make a definitive acquisition proposal and was placing discussions regarding the acquisition of Axcelis ‘on hold.’
However, Axcelis has not agreed to this ‘on hold’ position and so the potential deal is now terminated.
Talks concerning the joint venture SEN, between the two companies is a separate matter and discussions will need to be conducted separately, with Axcelis hoping these can be done in private.