Display Technologies Inc. (fka DTEK)

[lifegear]

wrong PR again by Knobias--Sumitomo Chemical pays US$285mln for US-based CDT

Wednesday, August 01, 2007 01:01ET

TOKYO, Aug 1, 2007 (Asia In Focus via COMTEX) -- SUMITOMO CHEMICAL CO. (TSE:4005) said Tuesday that it will acquire CAMBRIDGE DISPLAY TECHNOLOGIES INC., a U.S. firm that develops materials for organic LEDs (light-emitting diodes), for about US$285 million, roughly 34 billion yen. Pending approval by CDT stockholders at the U.S. firm's general shareholders meeting slated for this fall, Sumitomo Chemical will buy all outstanding CDT shares for US$12 each, which is more than double the stock's average price over the past 90 days.

* CDT shareholders with a combined stake of 43 per cent, including a U.S. investment fund that is the largest stockholder, have agreed to sell their shares.

* Listed on the U.S. Nasdaq Stock Market, CDT is involved in developing organic LED technology, which is also known as OEL (organic electroluminescence) displays.

(C) Copyright 2007 Asia In Focus


Public Companies Associated with this story:
DTEK SOMMF