Friday's NASDAQ Top Gainer; LTX-Credence Corporation (LTXC) up 38%
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New York, NY, Point Roberts, WA - September 6, 2013 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors reports on NASDAQ’s top percentage gainer for Friday September 6th. LTX-Credence Corporation (NasdaqGS: LTXC) is trading at $5.81, up $1.61 or 38.33% 2:40PM ED on over 4.8 Million shares.
LTX-Credence Corporation (LTXC) today announced an important step in the evolution of the semiconductor test cell with an agreement to acquire the Multitest and Everett Charles Technologies (ECT) businesses of Dover Corporation (DOV).
LTX-Credence and Dover Printing & Identification, Inc., a subsidiary of Dover Corporation (Dover), have signed a definitive agreement for the acquisition by LTX-Credence of the assets and stock exclusively and primarily related to the Multitest and ECT businesses for a purchase price of $93.5 million, of which $73.5 million will be paid in cash through a combination of existing cash-on-hand and bank debt and $20.0 million will be paid by the issuance of a promissory note by LTX Credence to Dover. The purchase price is subject to customary adjustments. The deal is expected to close by December 31, 2013, pending satisfaction of customary closing conditions, including with respect to required regulatory filings. We anticipate that this acquisition will create a combined company with trailing 12-month pro forma revenues of approximately $420.0 million and we expect the acquisition to be immediately accretive to LTX-Credence's earnings.
The combination of LTX-Credence, Multitest and ECT will provide LTX-Credence with the opportunity to serve a greater share of the semiconductor test cell, while increasing access to the electronics manufacturing industry. The combined company will be the only provider of comprehensive test solutions and services for the semiconductor and printed circuit board markets—redefining the test cell by assembling best-in-class technology from three market-leading companies into new, innovative solutions.
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