Tuesday, February 04, 2014 12:45:49 PM
7:35 AM ET 2/4/14 | MarketWatch
MADRID (MarketWatch) -- Entegris Inc. (ENTG) said Tuesday that it will buy ATMI Inc. (ATMI) for $34 per share in cash in a deal that has been approved by directors of both companies. Entegris, a developer of products for microelectronics, said it will buy ATMI, a maker of specialty semconductor materials, for a total equity value of around $1.15 billion on a fully diluted basis. That equals roughly $850 million of net cash acquired, including net cash proceeds from the $170 million sale of ATMI's LifeSciences unit, the company said. Entegris said the deal should result in $30 million in annualized cost savings, and plans to fund the transaction via existing cash balances and additional commited debt financing. The deal should be immediately accretive to non-GAAP earnings per share, said Entegris. Shares of ATMI closed at $26.93 on Monday. Shares of Entegris closed at $10.28.
-Barbara Kollmeyer; 415-439-6400; AskNewswires@dowjones.com
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February 04, 2014 07:35 ET (12:35 GMT)
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