Xconomy Boston

Axcelis Rejects Sumitomo Takeover Offer

Rebecca Zacks2/25/08

Semiconductor manufacturing firm Axcelis (NASDAQ: ACLS) of Beverly, MA, today announced that its board has unanimously rejected an unsolicited takeover offer from Sumitomo Heavy Industries of Japan. Axcelis said the $5.20 per share offer undervalued the company.

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