Monday, June 23, 2008

Credence Systems Merges With LTX Corporation

Milpitas-based Credence Systems Corporation, a provider of automated test equipment for the semiconductor industry, said late Sunday evening that it has signed a definitive agreement with fellow ATE firm LTX corporation to combine the firms in a stock-for-stock deal. According to the firms, Credence shareholders will receive LTX stock, which will make Credence shareholders owner of 50.02% of the new firm, and LTX shareholders the 49.98% owners of the merged company. LTX is headquartered in Norwood, Mass. Credence is being advised by Lehman Brothers, Morrison & Foerster LLP, and Corp-Growth int he deal; LTX is being advised by J.P. Morgan Securities and WilmerHale.