Zygo no longer in favor of merger with Electro Scientific Industries

By Lisa Kerner

Charlotte, N.C., Jan. 21 - Electro Scientific Industries, Inc. said it is surprised by Zygo Corp.'s decision to withdraw its recommendation in favor of the companies' Oct. 15 merger agreement.

Zygo withdrew its recommendation after re-evaluating the agreement in light of current conditions, the company said.

According to Zygo, Electro Scientific has the right to terminate the agreement.

Electro Scientific said it is evaluating its alternatives.

As previously reported, Electro Scientific agreed to acquire Zygo in an all-stock transaction that will give Zygo shareholders 1.0233 shares of Electro Scientific stock for each share of Zygo stock in a tax-free transaction valued at about $10.30 per share.

Portland, Ore.-based Electro Scientific supplies photonic and laser systems to microelectronics customers.

Zygo supplies optical metrology instruments, precision optics and electro-optical design and manufacturing services. The company is located in Middlefield, Conn.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.