San Diego Business Journal

Cymer Shareholders to Vote on ASML Deal Feb. 5

Monday, December 17, 2012

Cymer Inc., the San Diego maker of laser equipment used in the manufacture of semiconductors, set a special shareholders meeting for Feb. 5 to approve its proposed $2.55 billion sale to ASML Holding NV of Holland.

In a joint press statement, the companies said eligible voters are shareholders of record as of Jan. 7. The parties also said they are working with the various U.S. and European regulators on the proposed transaction that was first announced in October.

The deal calls for ASML, which is Cymer’s largest customer, to pay $20 in cash and a fixed ratio of 1.1502 of ASML’s common stock for each share of Cymer.

The companies said they anticipate the transaction to be completed in the first half of 2013.

ASML has said it intends to maintain Cymer’s operations in this country, and several analysts say moving parts of the company to Europe in the short term is doubtful.

Shares of Cymer, traded under CYMI on Nasdaq, have skyrocketed since the sale announcement, moving from the high $40s to above $89 in recent days. As of midday Dec. 14 shares were trading just below $89. That gave Cymer a market capitalization of $2.77 billion.

Founded in 1986 by two graduates of UC San Diego, Cymer has about 1,250 global employees, including about 900 at its Rancho Bernardo headquarters.

For the nine months ended Sept. 30, revenue was $431 million, compared with $441 million for the like period of 2011.

— Mike Allen