Orbotech, Photon Dynamics combine

By Lisa Kerner

Charlotte, N.C., Oct. 2 - Orbotech Ltd. completed its $15.60-per-share acquisition of Photon Dynamics, Inc. in a deal first announced in June.

Photon Dynamics shareholders approved the merger on Sept. 5.

The acquisition, valued at approximately $290 million, is expected to grow Orbotech's flat-panel display business, it was previously reported.

Photon Dynamics, based in San Jose, Calif., provides yield management solutions to the flat-panel display industry.

Orbotech develops yield-enhancing and production solutions for specialized applications in the supply chain of the electronics industry. The company is located in Yavne, Israel.

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