Applied Materials Plans To Buy Semitool For $364M

Law360, New York (November 17, 2009, 1:21 PM EST) -- Nanotechnology developer Applied Materials Inc. said Tuesday it planned to pay about $364 million for chip equipment provider Semitool Inc. in an all-cash tender offer.

The acquiring company must pick up at least two-thirds of Semitool's outstanding shares in the offer in order for the transaction to succeed. Semitool's directors and executives, who hold about 32 percent of the company's outstanding common stock, have already agreed to tender their shares, the companies said.

Montana-based Semitool produces and services chemical processing equipment used to make semiconductor devices,...
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