Entegris Acquiring Mykrolis
Entegris
(ENTG) - Get Report
will acquire
Mykrolis
(MYK)
in a stock-swap deal combining the two semiconductor suppliers.
Under terms of the deal, Entegris will pay Mykrolis shareholders 1.39 share of Entegris for each Mykrolis share they own, based on Friday's closing prices. Entegris shares closed at $9.93 Friday, while Mykrolis' ended at $13.15, making the offer price $13.80 a share. Based on Mykrolis' almost 42 million outstanding shares, the deal is worth $579 million.
The deal is expected to close in the third quarter of this year. Entegris shareholders will control 56% of the new company.
The transaction is expected to be earnings neutral in the second half of 2005 and accretive by approximately 8 cents a share in calendar year 2006 -- including $15 million in identified cost savings from the combination.
Both Minnesota-based Entegris and Massachusetts-based Mykrolis are suppliers to semiconductor companies and related industries.