US chip equipment makers merge Japan's Tokyo Electronics Market value to reach $29 billion
According to the agreement, Tokyo Electronics’ shareholders will hold new company shares in a ratio of 1:3.25, and shareholders of Applied Materials will hold new company shares in a 1:1 ratio. Both companies are companies that manufacture semiconductor, flat panel displays and solar panel production equipment. After the transaction is completed, Applied Materials Shareholders will hold approximately 68% of the shares of the new company and Tokyo Electronic Shareholders will hold approximately 32% of the shares.
Tetsuro Higashi, chairman of Tokyo Electronics, will serve as chairman of the new company and said the deal will create a “real global company†that meets the needs of consumer electronics products such as smartphone and tablet suppliers. Gary Dickerson, president and CEO of Applied Materials, will be the CEO of the new company. The two companies said in a joint statement that they will continue to trade on the Nasdaq and Tokyo Stock Exchanges respectively.
The merger was unanimously approved by the board of directors of the two companies, but the transaction also needs to meet the customary completion conditions, waiting for the approval of the shareholders and regulators of the two companies. However, the two companies said that their product lines do not have much overlap, and there is no strong competitive relationship. I believe that they will be approved by the regulatory authorities. The transaction is expected to be completed in the middle of 2014 to the second half of 2014. The new company has not yet been named, but retains its dual headquarters in Tokyo and Santa Clara, with a registered location in the Netherlands.
The two companies expect a $250 million operational synergy at the end of the first year of the merger and $500 million in operational synergies in the third year. In addition, due to the establishment of a new corporate structure, it is expected to save a lot of money. The new company also plans to conduct a $3 billion stock repurchase program in the 12 months after the transaction is completed.
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