Applied Materials, Inc. and Tokyo Electron Limited Agree to Terminate Business Combination Agreement
April 27 2015 - 2:15AM
SANTA CLARA, Calif., April 26, 2015
-- Applied Materials, Inc. (NASDAQ: AMAT) and Tokyo
Electron Limited (TSE: 8035) today announced that they have
agreed to terminate their Business Combination Agreement (BCA). No
termination fees will be payable by either party.
The decision came after the U.S. Department
of Justice (DoJ) advised the parties that the coordinated
remedy proposal submitted to all regulators would not be sufficient
to replace the competition lost from the merger. Based on the DoJ's
position, Applied Materials and Tokyo Electron have determined that
there is no realistic prospect for the completion of the
merger.
"We viewed the merger as an opportunity to
accelerate our strategy and worked hard to make it happen," said
Gary Dickerson, president and chief executive officer of Applied
Materials. "While we are disappointed that we are not able to
pursue this path, our existing growth strategy is compelling. We
have been relentlessly driving this strategy forward and we have
made significant progress towards our goals. We are delivering
results and gaining share in the semiconductor and display
equipment markets, while making meaningful advances in areas that
represent the biggest and best growth opportunities for us.
"I would like to thank our employees for their
focus on delivering results throughout this process. As we move
forward, Applied Materials has tremendous opportunities to leverage
our differentiated capabilities and technology in precision
materials engineering and drive a significant increase in the value
we create for our customers and investors."
Investor and Media Conference
Call Information
Applied Materials will hold a conference call that begins at 8:30
a.m. EDT/5:30 a.m. PDT on April 27, 2015. A live webcast will be
available on the Investor Relations page at
www.appliedmaterials.com. Dial-in details are also available: 1
(844) 860-2362 (United States) or 1 (919) 794-3789 (outside
the United States); Conference ID: 36843319. Participants should
dial in 15 minutes before the call to allow time to be connected by
the operator.
Forward-Looking
Statements
This press release contains forward-looking statements, including
those regarding Applied's performance, products, strategies,
opportunities, market positions, and business and industry outlook,
as well as other statements that are not historical facts. These
statements and their underlying assumptions are subject to known
and unknown risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statements, including but not limited to: the potential impact of
the termination of the Business Combination Agreement on our
relationships with third parties, the level of demand for Applied's
products, which is subject to many factors, including uncertain
global economic and industry conditions, end-demand for electronic
products and semiconductors, and customers' new technology and
capacity requirements; the timing and nature of technology
transitions; the concentrated nature of Applied's customer base;
Applied's ability to (i) develop, deliver and support a broad range
of products and expand its markets, (ii) achieve the objectives of
operational and strategic initiatives, (iii) obtain and protect
intellectual property rights in key technologies, (iv) attract,
motivate and retain key employees, and (v) accurately forecast
future results, which depends on multiple assumptions related to,
without limitation, market conditions, customer requirements and
business needs; and other risks described in Applied's SEC filings,
including its most recent Form 10-Q. All forward-looking statements
are based on management's estimates, projections and assumptions as
of the date hereof. Applied undertakes no obligation to update any
forward-looking statements.
Applied Materials, Inc. (Nasdaq:AMAT) is the
global leader in precision materials engineering solutions for the
semiconductor, flat panel display and solar photovoltaic
industries. Our technologies help make innovations like
smartphones, flat screen TVs and solar panels more affordable and
accessible to consumers and businesses around the world. Learn more
at www.appliedmaterials.com.
# # #
Contact:
Kevin Winston (editorial/media) 408.235.4498
Michael Sullivan (financial community) 408.986.7977
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Applied Materials via Globenewswire
HUG#1915079
Applied Materials (NASDAQ:AMAT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Applied Materials (NASDAQ:AMAT)
Historical Stock Chart
From Apr 2023 to Apr 2024