Struggling Micrion Corp has accepted a $67.6m take-over from FEI Company, a Hillsboro, Oregon company majority owned by Philips Business Electronics International, an offshoot of the Dutch electronics giant. The merger brings together two companies in the field of charged particle beam technology, who have both suffered as a result of conditions in the world semiconductor industry. Particle beam technology is used to modify integrated circuits, semiconductor masks and magnetic heads. Micrion shareholders, who have seen their stock price slump from $20 to $5 two months ago will get one FEI share currently worth $10.625 and $6 in cash for each share. Philips will fund the cash part of the deal by buying an addition $30m of FEI common stock and has the option to purchase more shares to keep its majority stake after the merger. FEI says it plans to continue to operate the loss-making Micrion’s facility in Peabody, Massachusetts.
