© 2012 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
Surface preparation of silicon wafers is a vital step for producing semiconductors, which is why more semiconductor manufacturing companies are avidly searching for businesses that specialize in this craft.
Tokyo Electron Limited, the parent company of Austin-based Tokyo Electron U.S. Holdings, Inc., decided to keep up this growing trend in its industry. It announced today its plan to acquire FSI International, Inc. for $252.5 million (or $6.20 per share in cash). This purchase price represents a premium of 53.5 percent to Friday’s closing price of FSI’s common shares.
Scott Cohen, a partner in Jones Day’s Dallas office, will represent TEL in the transaction, which is expected to close by the end of this year.
Cohen has more than 30 years of experience in corporate and securities law. His practice focuses on domestic and international mergers and acquisitions, restructurings, and public and private offerings of debt and equity securities.
Cohen is no rookie when it comes to advising big deals. Earlier this year, he handled a similar deal to Tokyo Electron’s when he represented Taiwan Semiconductor Manufacturing Company in its roughly $1.4 billion investment in ASML Holding NV. He also advised Viasystems Group in June on its $283 million acquisition of DDi Corp. And last year, he worked with Texas Instruments when it acquired National Semiconductor for $6.5 billion.
Cohen said that the technology sector of M&A continues to be one of the most active business sectors when it comes to transactional deals.
“It has been and will continue to be [big] for the remainder of the year and foreseeable future,” he said.
The financial adviser for TEL is Goldman Sachs. FSI’s legal adviser is Faegre Baker Daniels, and its financial adviser is Barclays.
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