Oerlikon-Bührle to Acquire Plasma-Therm

Swiss-based Oerlikon-Bührle Holding and Plasma-Therm in the United States announced on Tuesday they have entered into a definitive agreement to acquire Plasma-Therm through a cash tender offer.

Swiss-based Oerlikon-Bührle Holding, a high-technology corporation traded on the Swiss stock exchange, and Plasma-Therm, a leading producer of plasma process equipment, announced on Tuesday they have entered into a definitive agreement to acquire Plasma- Therm through a cash tender offer.

The tender offer will begin within five business days at a price of $12.50 per share in cash for all of the shares of Common Stock of Plasma-Therm, for a total value of approximately $150 million, the companies said in a statement announcing their move.

It is expected to be completed by early February 2000. The tender offer, which has been approved by the boards of directors of both companies, is subject to the tender of a majority of the outstanding Plasma-Therm shares, the expiration of any relevant waiting periods, and other customary conditions.

Following the sale of Oerlikon-Buhrle Immobilien (real estate), Bally (the well-known luxury shoe brand), and Oerlikon-Contraves Defense, OBH began the construction of the new high technology group.

“The offer to purchase Plasma-Therm represents a further step in reinforcing OBH’s position in the information technology sector, particularly in the semiconductor equipment industry,” the company said.

Reuters contributed to this report.