TITLE

Sumitomo Chemical buys Cambridge Display Technology for $285M

AUTHOR(S)
Taylor, Colleen
PUB. DATE
August 2007
SOURCE
Electronic News;8/16/2007, Vol. 53 Issue 32, p9
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the plan of Japan-based chemical producer Sumitomo Chemical Co. to acquire Cambridge Display Technology (CDT) for about $285 million. Under the merger agreement, the chemical producer will purchase all outstanding shares of CDT common stock at $12 per share in cash. The firms formed a 50/50 joint venture in 2005 to develop, manufacture and sell polymer organic light emitting diodes (P-OLED) materials to CDT licensees and others. The deal is expected to close during the third quarter or fourth quarter of 2007.
ACCESSION #
26221064

 

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