Photon Dynamics soars 31% in pre-market trading after sales deal
Photon Dynamics, Inc. (Nasdaq:PHTN) shares climbed more than 31% in Thursday’s pre-market trading after the company announced earlier in the day that Israel-based Orbotech Ltd. (Nasdaq:ORBK) would buy it for $290 million. Orbotech will pay $15.60 per share in cash for all shares of San Jose, Calif.-based Photon’s common stock. The companies expect the deal to close in the second half of 2008.
Photon Dynamics develops systems that enable flat-panel display producers to analyze data from the production line, and Orbotech Ltd. designs, develops and manufactures production solutions for the electronics industry.
Shares of Photon Dynamics were at $15.20 ahead of the bell, about 31.5% above Wednesday’s closing price.
For detailed price information and recent news stories about Photon Dynamics, click PHTN. For information about Orbotech Ltd., click ORBK.
