Sumitomo to acquire Cambridge Display for $285m

31 July 2007 10:42  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese major Sumitomo Chemical said on Tuesday it will buy UK organic light-emitting diode (OLED) producer Cambridge Display Technology for about $285m.

 

The offer represented a 107% premium over Cambridge Display Technology’s 90-day average closing share price, a Sumitomo official said. It was also 95% higher than Monday’s close of $6.15 per share.

 

Major Cambridge Display shareholder Kelso & Co along with some senior management and other shareholders holding about 43% of the company’s common stock had agreed to vote in favour of the transaction, Sumitomo said in a statement.

 

The deal was expected to be completed before the end of this year, the official added.

 

The acquisition would enable Sumitomo Chemical improve the performance of light-emitting materials and OLED display-related materials and also to accelerate the development of commercial technologies for such production, it added.

 

($1 = €0.73)

By: Florence Tan
+65 6780 4359

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