LTX (LTXX) and Credence (CMOS) Complete Merger to Form LTX-Credence; Will Trade Under "LTXC"
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LTX Corporation (Nasdaq: LTXX) and Credence Systems Corporation (Nasdaq: CMOS) today announced the completion of their merger, resulting in the formation of LTX-Credence Corporation. The companies combined earlier today in a tax free, all-stock merger of equals following the approval of both companies' stockholders yesterday. Beginning Tuesday, September 2, 2008, LTX-Credence, headquartered in Milpitas, California, will trade on the NASDAQ Global Market under the new symbol "LTXC."
Under the terms of the merger agreement, Credence stockholders received 0.6129 shares of LTX-Credence common stock for each share of Credence common stock they own, causing the former stockholders of Credence to hold 50.02% of the outstanding shares of the combined company and pre-merger LTX stockholders to hold 49.98% of the outstanding shares of the combined company. As of today's market close, shares of Credence common stock will cease trading on the NASDAQ Global Market.
LTX Corporation designs, manufactures, and markets automatic semiconductor test equipment in the United States and internationally.
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