Novellus Systems will acquire all of SpeedFam-IPEC’s outstanding shares in a stock for stock merger. Novellus will also assume all of SpeedFam’s convertible notes and debts. Every SpeedFam common stock share will be converted to a 0.1818 share of Novellus’ common stock on a fixed exchange ratio basis.
Novellus Systems to acquire SpeedFam-IPEC
Novellus Systems has said that it will acquire SpeedFam-IPEC in a deal worth $232 million. The directors of both companies have already approved the acquisition and the deal is expected to close in Q4 of 2002 subject to shareholder approval.