May 8 (Reuters) - Cohu Inc:
* COHU TO ACQUIRE XCERRA CREATING GLOBAL LEADER IN BACK-END SEMICONDUCTOR EQUIPMENT
* XCERRA SHAREHOLDERS WILL BE ENTITLED TO RECEIVE $9.00 IN CASH AND 0.2109 OF A SHARE OF COHU COMMON STOCK
* COMPLEMENTARY ACQUISITION EXPECTED TO CREATE DIVERSIFIED REVENUE BASE AND EXPAND ADDRESSABLE MARKET TO $5 BILLION
* TRANSACTION VALUES XCERRA AT $13.92 PER SHARE, OR APPROXIMATELY $796 MILLION IN EQUITY VALUE
* DEAL FOR TOTAL ENTERPRISE VALUE OF ABOUT $627 MILLION, AFTER EXCLUDING XCERRA’S CASH AND MARKETABLE SECURITIES NET OF DEBT
* TO FUND CASH PAYABLE TO XCERRA SHAREHOLDERS WITH COMBINATION OF CASH ON HAND AND APPROXIMATELY $350 MILLION IN DEBT FINANCING
* XCERRA SHAREHOLDERS ARE EXPECTED TO OWN APPROXIMATELY 30% OF COMBINED COMPANY UPON CLOSING OF TRANSACTION
* LUIS MÜLLER WILL REMAIN PRESIDENT AND CHIEF EXECUTIVE OFFICER AND LEAD COMBINED COMPANY
* COHU - DEAL IS EXPECTED TO BE IMMEDIATELY ACCRETIVE TO NON-GAAP EPS, GENERATE OVER $20 MILLION OF ANNUAL RUN-RATE COST SYNERGIES WITHIN 2 YEARS OF CLOSING
* JEFF JONES WILL CONTINUE TO SERVE AS VICE PRESIDENT OF FINANCE AND CHIEF FINANCIAL OFFICER Source text for Eikon: Further company coverage: