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December 23, 2010, 8:43 AM EST
By Peter Elstrom
Dec. 23 (Bloomberg) -- Verigy Ltd. rose 10 percent in early trading after the maker of testing equipment for semiconductor manufacturers said it received a revised proposal from Advantest Corp. to acquire it for $15 a share in cash.
Verigy climbed $1.32 to $13.95 at 8:11 a.m. New York time after disclosing the takeover offer in a statement today. The shares closed yesterday at $12.63 in Nasdaq Stock Market trading and had declined 1.8 percent this year through yesterday.
Verigy, based in Singapore, said on Dec. 6 that Advantest had made an unsolicited takeover offer of $12.15 a share. Verigy has an existing sale agreement with LTX-Credence Corp.
The board isn’t making any recommendation about the revised Advantest proposal and anticipates continued discussions with the company, Verigy said in the statement today. The board continues to recommend the LTX-Credence merger to shareholders, the company said.
--Editors: Cécile Daurat, Chris Staiti
To contact the reporter on this story: Peter Elstrom in New York at pelstrom@bloomberg.net.
To contact the editor responsible for this story: Peter Elstrom in New York at pelstrom@bloomberg.net.
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Dec. 23 (Bloomberg) -- Verigy Ltd. rose 10 percent in early trading after the maker of testing equipment for semiconductor manufacturers said it received a revised proposal from Advantest Corp. to acquire it for $15 a share in cash.
Verigy climbed $1.32 to $13.95 at 8:11 a.m. New York time after disclosing the takeover offer in a statement today. The shares closed yesterday at $12.63 in Nasdaq Stock Market trading and had declined 1.8 percent this year through yesterday.
Verigy, based in Singapore, said on Dec. 6 that Advantest had made an unsolicited takeover offer of $12.15 a share. Verigy has an existing sale agreement with LTX-Credence Corp.
The board isn’t making any recommendation about the revised Advantest proposal and anticipates continued discussions with the company, Verigy said in the statement today. The board continues to recommend the LTX-Credence merger to shareholders, the company said.
--Editors: Cécile Daurat, Chris Staiti
To contact the reporter on this story: Peter Elstrom in New York at pelstrom@bloomberg.net.
To contact the editor responsible for this story: Peter Elstrom in New York at pelstrom@bloomberg.net.
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