On Heels of Korean Court Win, Orbotech Shareholders Approve Acquisition by KLA-Tencor
Israel-based Orbotech, a developer of has been embroiled in a misuse of confidential customer information lawsuit in Korea since 2012
The shareholders of Nasdaq-listed Orbotech Ltd., a manufacturer of testing machines for electronic parts, have approved its sale to Nasdaq-listed KLA-Tencor Corporation, KLA-Tencor announced Thursday in a filing to the U.S. Securities and Exchange Committee. The two companies announced the deal in March, with KLA-Tencor agreeing to pay around $69 per share for the Israel-based company, according to a company valuation of $3.4 billion.
The decision comes on the heels of Orbotech's Wednesday announcement that the Supreme Court of Korea dismissed an appeal in a misuse of confidential customer information case that has been ongoing since 2012 against Orbotech and its Korean subsidiary. The company stated that the case did not have a material fiscal effect on Orbotech in 2018 to date and that it remains committed to strengthening its business in Korea.
Orbotech is currently trending down on Nasdaq.