Verigy Takeover Approach
On December 6, 2010, Verigy Ltd. (NASDAQ: VRGY) received an unsolicited proposal from Advantest Corporation (NYSE: ATE) to acquire all of the outstanding Verigy ordinary shares for $12.15 per share in cash.
Shares of Verigy closed at $9.14 on Friday, representing a 33 percent premium.
The Verigy Board has reviewed the Advantest proposal and determined that it is not superior to Verigy's pending transaction with LTX-Credence (NASDAQ: LTXC).
However, the Verigy Board believes the Advantest proposal might lead to a superior transaction so it has determined to engage in discussions with Advantest. There can be no assurances that any definitive agreement or transaction will result from the Advantest proposal or Verigy's discussions with Advantest.
