Semitool investor buys more than 2.25 million shares ahead of merger

By Lisa Kerner

Charlotte, N.C., Nov. 30 - A group of Semitool, Inc. investors led by Gabelli Funds, LLC bought 2,257,748 shares of the company's stock for an initial 6.9% stake, according to a schedule 13D filed on Monday with the Securities and Exchange Commission.

The shares were acquired between Nov. 17 and Nov. 27 priced from $10.95 to $10.98 each, the filing said.

As previously reported, Semitool agreed to be acquired by Applied Materials, Inc. for $11.00 per share in an all-cash tender offer valued at $364 million.

The tender offer ends at midnight ET on Dec. 17.

Semitool, based in Kalispell, Mont., supplies electrochemical plating and wafer surface preparation equipment to chip-packaging and chip-making companies.

Applied Materials is a Santa Clara, Calif., manufacturer of semiconductor equipment.

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