Gold Drops to $1,200/oz for First Time Since June in New York
Advantest Makes Unsolicited Offer for Chip-Testing Equipment Maker Verigy
Advantest offered $12.15 a share, Verigy said today in a statement. Verigy has an existing sale agreement with LTX- Credence Corp.
Machines made by the three companies are key to manufacturing semiconductors. While Verigy said the Advantest offer is “not superior” to the LTX-Credence deal, it is entering negotiations with Advantest to try to create a better transaction.
A combination of LTX-Credence and Verigy would be better for customers, employees and shareholders than an acquisition by Advantest, LTX said in a separate statement.
Verigy, based in Singapore, surged $3.81, or 42 percent, to $12.95 at 4 p.m. New York time on the Nasdaq Stock Market, the biggest jump since shares were sold to the public in June 2006. LTX, based in Milpitas, California, dropped $1.05, or 12 percent, to $7.40. Advantest American depositary receipts, each representing one ordinary share, fell 18 cents to $21.52.
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