deals, acquisitions, Semiconductors

Sumitomo Ups Axcelis Offer

Rebecca Zacks 3/11/08

After rejecting an unsolicited $5.20 per share takeover offer from Sumitomo Heavy Industries (and getting sued by shareholders for failing to negotiate with the Japanese firm), semiconductor manufacturer Axcelis (NASDAQ: ACLS) of Beverly, MA, has a new offer to consider. Sumitomo announced yesterday that it has upped its bid to $6.00 per share, valuing Axcelis at $630 million. In a letter to Axcelis’ board, Sumitomo said it would not increase the offer again.