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[dougthebug0]

VRGY premarket 13.95 news:


(RTTNews) - Singapore-based semiconductor testing company Verigy Ltd. (VRGY) said Thursday that it has received a revised takeover proposal of $15.00 per share in cash from Japanese rival Advantest Corp. (ATE). Verigy, which is already in merger agreement with LTX-Credence Corp. (LTXC), said its Board continues to recommend deal with LTX-Credence to its shareholders, and is not recommending the revised Advantest proposal at this time.

It was on November 18 that Verigy and LTX-Credence agreed to merge to a new entity, to be called Verigy, and the merger was projected to be completed in first-half of 2011.

On December 6, Verigy received the initial unsolicited takeover offer of $12.15 per share in cash from Advantest, valued at $729 million. The acquisition of Verigy is projected to help Advantest reduce its dependence on computer memory. However, the offer was then rejected by Verigy, terming the offer not superior to its pending transaction with LTX-Credence. But it decided then to engage in talks with the world's biggest maker of chip-testing equipment to see if it leads to a superior transaction.



Read more: http://www.nasdaq.com/aspx/company-news-story.aspx?storyid=201012230730rttraderusequity_0341&title=verigy-receives-sweetend-bid-from-advantest---update#ixzz18wMfA6Zz