Chinese officials OK Novellus-SpeedFam deal

Novellus Systems Inc. has been cleared by Chinese antitrust officials to complete its proposed acquisition of SpeedFam-IPEC Inc., according to a recent filing with the SEC.

The US Federal Trade Commission approved the deal on On Sept. 5.

According to the SEC filing, the Chinese Fair Trade Commission notified the companies Sept. 24 that it wouldn’t exercise jurisdiction over the merger.

On Aug. 12, Novellus Systems signed a definitive agreement to acquire SpeedFam-IPEC in a stock deal valued at about $220 million, including the assumption of debt. Each share of SpeedFam-IPEC common stock outstanding will convert into 0.1818 of a Novellus common share on a fixed-exchange ratio basis.

Based on the closing price of Novellus stock Friday, the offer values each SpeedFam share at $3.68 each.

Shares of SpeedFam closed Friday at $3.62 each.

The transaction is set to close before the end of the year, subject to SpeedFam shareholder approval. A special meeting for the vote hasn’t been scheduled.


Easily post a comment below using your Linkedin, Twitter, Google or Facebook account. Comments won't automatically be posted to your social media accounts unless you select to share.