Deals
Tokyo Electron Slumps Most Since 1982 as Takeover Bid Scrapped
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Tokyo Electron Ltd. fell the most in more than three decades after Applied Materials Inc. scrapped its $9.39 billion takeover bid for the maker of chipmaking equipment amid opposition from the U.S. Department of Justice.
The stock fell 15 percent to 6,557 yen in Tokyo, the biggest drop on closing basis since 1982 according to data compiled by Bloomberg. The deal was pulled after the companies weren’t able to allay government concerns about the potential impact on competition, according to a statement Monday.