Photon Dynamics shareholders back merger with Orbotech

New York, Sept. 5 - Photon Dynamics, Inc. said its shareholders approved Orbotech Ltd.'s proposed acquisition of the company at a special meeting Friday.

More than a majority of the shares outstanding were voted in favor and less than 1% was voted against.

Closing depends on satisfaction or waiver of the remaining conditions.

As announced on June 26, Orbotech signed a definitive agreement to acquire Photon Dynamics for $15.60 per share in cash, or a total of approximately $290 million, to grow its flat-panel display business.

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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