Key Developments For Semitool Inc
Semitool Inc (SMTL.O) (Nasdaq)
Law Offices of Brian M. Felgoise, P.C. Announces Investigation of Semitool, Inc.
The Law Offices of Brian M. Felgoise, P.C. announced an investigation into possible breaches of fiduciary duty and violations of state law, among other things, in connection with a proposed merger of Semitool, Inc, with Applied Materials, Inc.
Applied Materials, Inc. Commences Tender Offer For All Outstanding Shares Of Semitool, Inc.
Applied Materials, Inc. announced the commencement of its tender offer for all outstanding shares of common stock of Semitool, Inc. for $11.00 per share, net to the seller in cash, without interest and less any required withholding tax. The tender offer is being made in connection with the Agreement and Plan of Merger among Applied Materials, its wholly owned subsidiary, Jupiter Acquisition Sub, Inc., and Semitool, announced on November 17, 2009, and pursuant to an Offer to Purchase dated November 19, 2009. The tender offer is scheduled to on December 17, 2009, unless extended. Following completion of the tender offer and, if required, receipt of approval by Semitool`s shareholders, Applied Materials expects to cause its acquisition subsidiary to consummate a merger with Semitool. In this merger, any remaining Semitool shareholders (other than shareholders who properly assert dissenters` rights under Montana law) will receive the same $11.00 cash purchase price per share, without interest and less any required withholding tax, as paid in the tender offer. The tender offer is subject to the conditions described in the Offer to Purchase, including the acquisition by Jupiter Acquisition Sub of more than 66 2/3% of Semitool's outstanding stock on a fully diluted basis, regulatory approval and other customary closing conditions.
Finkelstein Thompson LLP Announces Investigation Of Semitool, Inc. Acquisition
Finkelstein Thompson LLP announced that it is investigating potential claims on behalf of shareholders of Semitool, Inc. arising from the Company's announcement of its intent to be acquired by Applied Materials, Inc. Under the terms of the proposed agreement, Semitool shareholders will receive $11.00 in cash for each share of Semitool they own. The transaction has a total value of $364 million. The investigation is focused on the potential unfairness of the price to Semitool shareholders and the process by which the Company's Board of Directors considered and approved the transaction. In particular, the consideration offered to Semitool shareholders appears to value the stock at substantially less than the target price for Semitool stock issued by numerous analysts.
Wolf Haldenstein Investigating Semitool, Inc. Proposed Acquisition
The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announced that it is investigating possible breaches of fiduciary duty by the Board of Directors of Semitool, Inc. arising out of the proposed acquisition of Semitool by Applied Materials, Inc. On November 17, 2009, Semitool announced that Applied Materials will acquire Semitool in an all cash offer. Under the terms of the agreement, Semitool stockholders will receive cash of $11 in exchange for each share of Semitool common stock. However, the Company may not have adequately shopped itself around before entering into this transaction and, pursuant to this proposed transaction, Applied Materials may be underpaying for Semitool, thus unlawfully harming Semitool shareholders.
Law Offices Of Howard G. Smith Announces Investigation On Behalf Of Shareholders Of Semitool, Inc.
Law Offices of Howard G. Smith announced that it is investigating potential claims against the Board of Directors of Semitool, Inc. relating to the proposed merger with Applied Materials, Inc. Under the proposed agreement, Semitool, Inc. shareholders will receive $11.00 in cash for each share of Semitool, Inc. they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Semitool Board`s approval of the proposed acquisition.
