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ESI and Zygo Call It Quits

Published: 03 April 2009
 by Staff
PORTLAND, OR and MIDDLEFIELD, CT – Zygo Corp. and Electro Scientific Industries Inc. (ESI) have ended merger plans as a result of the economy’s downturn.
 
 In October, ESI agreed to buy Zygo in an all-stock deal worth nearly $173.6 million. ESI’s stock value has since fallen, making the deal worth about $105.9 million and resulting in Zygo’s board of directors withdrawing its recommendation in favor of the merger.
As part of the termination, Zygo will pay ESI a $5.4 million break-up fee. If within six months, Zygo’s board approves another deal to sell the company, ESI will receive an additional $1.2 million.
 
Zygo is a global supplier of optical metrology instruments, precision optics and electro-optical design and manufacturing services. ESI supplies world-class photonic and laser systems to the microelectronics industry.

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