ASML Holding NV and Cymer Inc. provided a status update regarding the merger of the two semiconducter companies.
San Diego-based Cymer (Nasdaq: CYMI) is currently pioneering the industry’s transition to extreme ultraviolet (EUV) lithography, the next viable step on the technology roadmap for the creation of smaller, faster chips.
Under the proposed deal, ASML (Nasdaq: ASML) would buy all outstanding shares of Cymer in a cash-and-stock transaction that will entitle each Cymer stockholder to receive $20 in cash and a fixed ratio of 1.1502 ASML ordinary shares per Cymer share.
On Feb. 5, Cymer will hold a special shareholders meeting at which the stockholders of record of Cymer as of Jan. 7 will be asked to vote on, among other things, a proposal to approve the merger agreement.
In addition, ASML and Cymer indicated that they are continuing to work with various regulators, including responding to a request for additional information from the Antitrust Division of the U.S. Department of Justice regarding the transaction.
The proposed transaction remains subject to other customary closing conditions, including review by the Committee on Foreign Investment in the United States and specified international regulators and approval by Cymer's stockholders.
ASML and Cymer anticipate completion of the transaction in the first half of 2013.
On Oct. 17 ASML agreed to acquire Cymer and thereby accelerate the development of EUV semiconductor lithography technology.
EUV is vital to support the semiconductor industry’s transition to the next manufacturing technology, which is needed to create more energy-efficient microchips with more functions at lower cost.
ASML, one of the world's leading providers of lithography systems for the semiconductor industry, is based in Veldhoven, the Netherlands, and trades on Euronext Amsterdam and NASDAQ under the symbol ASML.
Cymer has about 1,200 employees and numerous offices around the globe. ASML has more than 8,200 employees, serving chip manufacturers in more than 55 locations in 16 countries.
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