CFIUS approval still needed in merger of Photon Dynamics, Orbotech

By Lisa Kerner

Charlotte, N.C., Sept. 10 - Photon Dynamics, Inc. said its proposed merger with Orbotech Ltd. remains subject to clearance by the Committee on Foreign Investment in the United States.

The waiting period for CFIUS expires on Sept. 29, a Photon Dynamics news release said.

Photon Dynamics shareholders approved the merger on Sept. 5.

In June Orbotech signed a definitive agreement to acquire Photon Dynamics for $15.60 per share in cash, or a total of approximately $290 million. The acquisition 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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