DuPont Photomasks to Be Acquired

Toppan Printing of Japan is paying $650 million, or $27 a share, for the company.
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DuPont Photomasks

(DPMI)

Tuesday said it had agreed to be acquired by Japan's

Toppan Printing

for about $650 million dollars.

The offer values DuPont at $27 a share, which represents a 50% premium, based on its closing share price of $18.28 Monday. The transaction is expected to close in early 2005, pending shareholder and regulatory approval.

DuPont Photomasks, which was spun off by

DuPont

(DD) - Get Report

in 1996, develops and produces advanced photomasks, as well as electronic design automation software. Photomasks are a key component in the production of semiconductors.

Toppan is one of the largest printing companies in the world.