Summary
KLA-Tencor Corporation (KLAC) has filed an 8-K report detailing the successful completion of its tender offer for ICOS Vision Systems Corporation NV. The initial tender offer period closed with an overwhelming 96.03% of ICOS shares tendered, significantly exceeding the threshold for KLA-Tencor to proceed with acquiring the remaining shares. This substantial acceptance rate indicates strong shareholder support for the acquisition and paves the way for KLA-Tencor to fully integrate ICOS. Following this success, KLA-Tencor, through its subsidiary, will now initiate a squeeze-out procedure to acquire all remaining outstanding ICOS shares and 2002 warrants that were not tendered. The squeeze-out bid will occur at the same terms as the initial tender offer, reflecting KLA-Tencor's commitment to completing the acquisition. Investors can anticipate the settlement of initially tendered shares by May 30, 2008, and the squeeze-out offer period will run from May 28 to June 17, 2008.
Key Highlights
- 1KLA-Tencor's tender offer for ICOS Vision Systems Corporation NV has successfully concluded the initial acceptance period.
- 2A substantial 96.03% of ICOS's outstanding shares were tendered, demonstrating strong shareholder support for the acquisition.
- 3The acquisition is proceeding towards full ownership as KLA-Tencor will now initiate a squeeze-out procedure for remaining shares.
- 4Settlement of the shares tendered during the initial period is expected on May 30, 2008.
- 5The squeeze-out bid will be conducted at the same terms as the initial offer: EUR 36.50 per share and EUR 32.76 per 2002 warrant.
- 6The acceptance period for the squeeze-out bid is scheduled from May 28, 2008, to June 17, 2008.
- 7This filing confirms KLA-Tencor's successful execution of its strategy to acquire ICOS.