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Applied Materials Scraps $9.4B Deal to Buy Tokyo Electron

4/27/15 10:34 AM EDT
A regulatory road block has put a stop to Applied Materials (AMAT) $9.4B acquisition of Tokyo Electron (TYO). The deal was set to combine two of the world's largest semi conductor suppliers. The Department of Justice raised antitrust concerns about the large scale merger, which was announced back in September 2013. Applied Materials has now called off the deal which would have given its shareholders about 68 percent of the new company. Tokyo Electron would have held around 32 percent. Shares of California based Applied Materials were down around 7 percent following the news. The company will now buyback up to $3B of its stock over the next 3 years.
Stocks in this video: AMATTYO
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