LONDON (Thomson Financial) - Applied Materials Inc., the nanomanufacturing
technology company, said Sunday its non-binding proposal to Dutch group ASM
International NV to acquire the latter's atomic layer deposition (ALD) and
chemical vapor deposition (CVD) businesses remains open, despite ASMI's
rejection of the offer.
Applied Materials' indicative offer for the businesses is between $400
million and $500 million.
ASMI said on Friday it was not interested in selling the ALD and CVD
operations, as they are an integral part of its front-end business.
In response the rejection, Applied Materials said it believes a deal would
provide "substantial value" to ASMI and its shareholders.
"...the transaction would provide value well in excess of the negative value
which has been attributed to ASMI's entire front end business for significant
periods during the past three years and infuse a significant amount of cash into
ASMI that could be used for the benefit of ASMI's stakeholders," it said.
Applied Materials welcomed ASMI's comments that it was interested in
discussing alternative arrangements.
Applied Materials said it has "strong interest" in meeting ASMI early in the
coming week to discuss possible transactions, including its proposed offer.
tf.TFN-Europe_newsdesk@thomson.com
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