Sumitomo Chemical acquires Cambridge Display

By Lisa Kerner

Charlotte, N.C., Sept. 19 - Sumitomo Chemical Co. completed its $285 million acquisition of Cambridge Display Technology Inc.

Holders of more than 73% of Cambridge Display's shares approved the $12.00-per-share merger agreement on Wednesday. Cambridge Display stock will no longer be publicly traded, according to a company news release.

The companies announced a definitive agreement on July 31. The per-share price is a 107% premium over Cambridge Display's 90-day average closing share price and a 95% premium over the closing share price of $6.15 on July 30.

It was previously reported that Kelso and Co., along with some of its affiliates and members of Cambridge Display's senior management holding a total of about 43% of the company's outstanding shares, agreed to vote all of their shares in favor of the transaction.

Sumitomo and Cambridge Display have worked together since 2001 and, in 2005, formed a 50/50 joint venture to develop, manufacture and sell P-OLED (polymer organic light-emitting diodes) materials.

Nikko Citigroup Ltd., Citigroup Global Markets Inc. and Pillsbury Winthrop Shaw Pittman LLP advised Tokyo-based Sumitomo.

Cambridge Technology, a Cambridge, England-based developer of P-OLED technologies, was advised by Cowen and Co., LLC and Cadwalader, Wickersham & Taft LLP.

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