Boston, MA 04\/11\/2014 (wallstreetpr) \u2013\u00a0A contractual agreement has been struck that will see AMETEK, Inc. (NYSE:AME) <\/b>acquiring all outstanding shares of Zygo Corporation (NASDAQ:ZIGO) <\/b>at a purchase price of $19.25 a share. The purchase price represents a 31% premium on Zygo\u2019s shares as of April 10, 2014. The announcement of the merger deal has seen the company\u2019s stock surge by a high of 31.06% in intraday trading session.<\/p>\n
Transaction Approved by Zygo Board of Directors<\/b><\/p>\n
The aggregate enterprise value of the transaction is valued at $280 million as the transaction will involve Zygo equity awards as well as net cash. The transaction has already been unanimously approved by Zygo Board of directors awaiting majority approval from the company\u2019s shareholders. Zygo is a leading provider of Metrology solutions having been founded in 1970 with headquarters in Middlefield CT.<\/p>\n
Zygo Corporation (NASDAQ:ZIGO) is being bought by AMETEK, Inc. (NYSE:AME) at the back of recording net sales amounting to $162 million as of December 31, 2013. AMETEK Chief executive Officer was quick to praise the agreement as the company is viewed as a strong brand and a leader in technology.<\/p>\n
Zygo Corporation (NASDAQ:ZIGO)\u2019s leading position in optical metrology will help strengthen AMETEK, Inc. (NYSE:AME) metrology solutions. The transaction is also expected to create a significant value to Zygo\u2019s shareholders in terms of the purchase price.The deal has not been sealed but awaits customary closing conditions as well as regulatory approvals with the transaction expected to close in the second quarter of the year.<\/p>\n
The merger agreement comes at the back of Zygo packaging system being awarded an order in the excess of $3 million for the supply of state of the art High-volume metrology systems. The order is from a major Asian IC manufacturer and will be shipped from Zygo\u2019s Tainan Taiwan plant.<\/p>\n
Faruqi, LLP Announces Investigation into the sale<\/b><\/p>\n
Juan E Monteverde a partner of Faruqi and Faruqi LLP has kick started investigations on whether Zygo Corporation (NASDAQ:ZIGO)\u2019s board of directors full filed their responsibilities to the company\u2019s shareholders, in terms of the impending sale. The investigations will try to ascertain whether any fiduciary laws were breached in connection to the sale.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 04\/11\/2014 (wallstreetpr) \u2013\u00a0A contractual agreement has been struck that will see AMETEK, Inc. (NYSE:AME) acquiring all outstanding shares of Zygo Corporation (NASDAQ:ZIGO) at […]<\/p>\n","protected":false},"author":32,"featured_media":19472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[6009,6008,6010,6007],"stock_ticker":[],"class_list":["post-19470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ametek-inc-nyseame","tag-nasdaqzigo","tag-nyseame","tag-zygo-corporation-nasdaqzigo","entry"],"acf":[],"yoast_head":"\n