Zygo Corporation has withdrawn its recommendation for a takeover by Electro Scientific Industries (ESI) Inc.
Zygo, based in Middlefield, said the merger agreement will remain in effect unless terminated in accordance with its terms. This gives Electro Scientific, a global corporation which makes high-technology manufacturing equipment, the right to end the deal.
Zygo said it notified ESI of the board's decision following a reevaluation of the deal due to changes in conditions since the deal was announced on October 15, 2008.
Under the deal, Zygo shareholders would get 1.0233 shares of ESI stock for each share of Zygo stock.
Zygo Corporation is a worldwide supplier of optical metrology instruments, precision optics, and electro-optical design and manufacturing services, serving customers in the semiconductor capital equipment and industrial markets.
ESI is one of the world's leading suppliers of photonic systems for microengineering production applications, aligned with three market segments: semiconductors, interconnect/micromachining, and passive components.
C-Level. News.
The Magazine