Summary
Lam Research Corporation (LRCX) filed an 8-K on May 11, 2012, to report on a special stockholders meeting held on May 10, 2012. The primary purpose of this meeting was to vote on the proposed merger with Novellus Systems, Inc. Stockholders overwhelmingly approved the issuance of Lam Research common stock to Novellus shareholders, a critical step in the acquisition process. Additionally, the stockholders approved the adjournment of the meeting if necessary to gather sufficient proxies, indicating a strong desire to complete the transaction. The filing also announced that Lam Research received approval for the proposed merger from Novellus shareholders. This dual approval from both companies' stockholders signifies substantial progress towards the completion of the Novellus acquisition. Investors should view these developments positively as they clear significant hurdles for the merger, which is expected to be accretive to Lam Research's earnings.
Key Highlights
- 1Lam Research stockholders approved the issuance of Lam Research common stock to Novellus shareholders for the proposed merger.
- 2The vote for approving the stock issuance was overwhelmingly in favor (94,115,000 For vs. 103,772 Against).
- 3Stockholders also approved the adjournment of the special meeting if necessary to solicit additional proxies.
- 4Novellus shareholders have also approved the proposed merger.
- 5The 8-K filing includes a press release dated May 11, 2012, announcing these voting results and approvals.
- 6The merger agreement between Lam Research and Novellus was originally dated December 14, 2011.