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Verigy Announces Completion of Acquisition by Advantest; Becomes Wholly Owned Subsidiary of Advantest

Date : 07/04/2011 @ 5:00AM
Source : Marketwired
Stock : Verigy Ltd. (MM) (VRGY)
Quote : 15.0  0.0 (0.00%) @ 2:05AM
Verigy Ltd. (MM) share price Chart

Verigy Announces Completion of Acquisition by Advantest; Becomes Wholly Owned Subsidiary of Advantest

Verigy Ltd. (MM) (NASDAQ:VRGY)
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Verigy, an Advantest Group company (TSE: 6857) (NYSE: ATE) and a global supplier of innovative test solutions, announced today that Advantest Corporation completed its acquisition of Verigy (NASDAQ: VRGY) in an all-cash transaction, estimated to be approximately $1.1 billion. As a result of the acquisition, Verigy shareholders will receive $15.00 per share in cash for each Verigy ordinary share they own. Verigy has notified NASDAQ that the transaction is complete, and has requested that trading of Verigy ordinary shares be suspended.

Verigy will operate as a wholly owned subsidiary of Advantest and will be known as an Advantest Group company. Jorge Titinger, Verigy's president and CEO, will continue to lead the organization in his current role, reporting to Haruo Matsuno, Advantest's president and CEO.

"As a combined company, we will offer the most innovative test solutions to cover all memory and SOC requirements, and these solutions will be backed by the largest and most experienced global sales and applications teams in our industry," said Jorge Titinger, president and CEO, Verigy. "We will expand our already strong presence at leading IDMs, fabless companies, foundries and OSATs. Now, as part of Advantest, we expect to support a broader and deeper penetration of the combined company's product portfolio. As a result, we intend to accelerate revenue growth and increase overall ATE market share. I look forward to working with the Advantest organization to build the number one global supplier of innovative test solutions."

About Verigy, an Advantest Group Verigy provides advanced semiconductor test systems and solutions used by leading companies worldwide in design validation, characterization, and high-volume manufacturing test. Verigy offers scalable platforms for a wide range of system-on-chip (SOC) test solutions, and memory test solutions for Flash, DRAM including high-speed memories, as well as multi-chip packages (MCP). Verigy also provides advanced analysis tools that accelerate design debug and yield ramp processes. Additional information about Verigy, an Advantest Group company, can be found at www.verigy.com. Information about Advantest can be found at www.advantest.com.

Cautionary Statement Regarding Forward-Looking Statements This press release contains statements that may be deemed to be forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on Advantest and Verigy's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in these statements. These statements include statements regarding the expected strengths of the combined company, accelerated revenue growth and increase in market share. These statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Therefore, actual outcomes and results may differ materially from what is expressed herein. The following factors, among others, could cause actual results to differ materially from the forward-looking statements: the challenges and costs of closing, integrating, restructuring and achieving anticipated synergies from the Advantest and Verigy transaction; the ability to retain key employees; and other economic, business, competitive, and/or regulatory factors affecting the businesses of Advantest and Verigy generally, including those set forth in the filings of Advantest with the SEC, especially in the "Risk Factors" section of Advantest's annual reports on Form 20-F and its Report of Foreign Private Issuer on Form 6-K. Advantest and Verigy are under no obligation to (and expressly disclaim any such obligation to) update or alter any forward-looking statements as a result of developments occurring after the date of this press release.

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COMPANY CONTACT: Judy Davies Vice President of Marketing Communications +1 408-864-7549 Email Contact INVESTOR CONTACT: Annie Leschin/Vanessa Lehr StreetSmart IR +1 415-775-1788 Email Contact / Email Contact



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