March 27 (Bloomberg) -- LTX-Credence Corp. terminated plans to buy Verigy Ltd. after accepting a $15 million payment to end the agreement.
The termination fee was received March 25, LTX-Credence said today in a statement. The board of Verigy, which makes chip-testing equipment, said last week that it preferred an offer from rival Advantest Corp.
Advantest’s December bid of $15 a share in cash was “superior” to the all-stock agreement Verigy signed with LTX-Credence in November, Verigy’s board said March 21.
LTX-Credence, based in Milpitas, California, declined to make a counteroffer for Singapore-based Verigy by a March 25 deadline.
Advantest, based in Tokyo, makes testing equipment for memory chips.
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