AMSTERDAM (dpa-AFX) - Law office of Brodsky & Smith, LLC announced on Saturday that it is investigating potential claims against the Board of Directors of Cymer, Inc. (CYMI) relating to the proposed acquisition by ASML Holding NV. (ASML).
Cymer is a supplier of lithography light sources used by chipmakers to manufacture advanced semiconductor devices.
Under the terms of the transaction, Cymer shareholders will receive a fixed 1.1502 shares of ASML ordinary stock and $20 in
cash for each of their Cymer shares. The transaction values Cymer at around $81.64 per share.
The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of
Cymer for not acting in the company's shareholders' best interests in connection with the sale process.
The law firm noted that Cymer has reported second-quarter results which beat analyst estimates by 600 percent. Additionally,
this was the seventh time in the previous eight quarters that Cymer's revenue exceeded analyst expectations. As a result, the
transaction may undervalue the Company and prevent Cymer shareholders from participating in the company's continued growth.
It was on October 17 that Dutch semiconductor equipment maker ASML revealed a definitive agreement to acquire Cymer in a
cash-and-stock transaction valued at 1.95 billion euros or $2.55 billion, to speed up the development of Extreme Ultraviolet or EUV semiconductor lithography technology.
The transaction was unanimously approved by the boards of directors of ASML and Cymer and is expected to close in the first half of 2013.
Stripping out non-cash purchase price accounting adjustments, the deal is estimated to be accretive to ASML's earnings per share in the second year after closing.
Copyright RTT News/dpa-AFX
© 2012 AFX News
