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Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Novellus Systems, Inc. (Nasdaq:
NVLS) (referred to as "Novellus" or the “Company”) to Lam Research Corp. (“Lam Research”), in an all-stock transaction valued at approximately $3.3 billion.
Under the terms of the merger agreement, Novellus stockholders will receive 1.125 shares of Lam Research common stock for each share of Novellus that they own, in a tax-free exchange. Based on the closing price of Lam Research's stock on December 14, 2011, the transaction values Novellus at a price of $44.42 per common share. Upon closing, Lam Research and Novellus stockholders will own approximately 59 percent and 41 percent, respectively, of the combined company.