* Says revised bid is for $15/shr in cash
* Says board not recommending anything regarding revised
* Says board continues to recommend LTX Credence-merger
* Verigy shares rise 14 pct in pre-market trade
Dec 23 Verigy VRGY.O received a sweetened
buyout offer of $907.5 million in cash from Tokyo-based
Advantest (6857.T) ATE.N, but the semiconductor testing firm
said its board is not making any recommendation on the proposal
Advantest's offer of $15 a share, up from its prior bid of
$12.15 a share, represents a premium of about 19 percent to
Verigy's Wednesday's close on Nasdaq.
Cupertino, California-based Verigy had received a $728.8
million buyout offer from Advantest earlier, but had said at
that time that the offer was not superior to its pending
transaction with LTX-Credence Corp LTXC.O. [ID:nSGE6AH0I2]
Verigy, which had about 60.5 million shares outstanding as
of Dec. 8, said its board continues to recommend the LTX
Credence-merger deal to its shareholders.
In November, Verigy said it agreed to buy smaller rival
LTX-Credence in a deal valued at about $424.4 million, in a
move seen as creating a more formidable competitor in the
system-on-chip (SoC) test space and provide stiff competition
to rival Teradyne (TER.N).
Verigy, with Morgan Stanley as its financial adviser,
expects to continue talks with Advantest regarding the revised
Semiconductor makers rely on companies such as Verigy,
Advantest and Teradyne to test the efficiency and quality of
their chips and the acquisition of Verigy could help Advantest
achieve higher scale for its SoC product.
Verigy shares, which have gained about 60 percent in value
over the last one month, were up $1.83 or 14 percent at $14.46
in before-the-bell trade. They closed at $12.63 on Wednesday on
(Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by