Merger of Lam Research and Novellus 'imminent'
Lam Research and Novellus should merge on June 4th.
Merger and acquisition consultants for Lam Research Corp and Novellus Systems could be moving on, as the firms have revealed they have received all of the necessary approvals required for the tie-up between the brands to proceed.
However, the combination is still subject to the completion of customary closing conditions.
It is expected that the merger will take place on June 4th after market trading hours.
At an earlier meeting of stockholders for Lam Research, an estimated 99.9 per cent of ballots cast were approving of the plan to issue shares of common stock to shareholders of Novellus as part of the transaction.
A total of 99.6 per cent of Novellus stockholders voted to approve the combination with Lam Research.
"The complementary skills, technologies and product offerings of Lam and Novellus will create a strong platform for delivering innovative and cost-effective solutions," chief executive officer and chairman of Novellus Richard Hill recently said.
Posted by Ron Maverick
Source: Joint press release, June 1st